Question

1. Prepare journal entries to record the transactions and closings for 2020 (assume the retirements were the first ever recorded by Zen Aerospace). Assume share dividends and cash dividends account is used when dividends are declared. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Prepare the statement of changes in equity for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign. Round the final answer to the nearest whole dollar.)

Zen Aerospace Corporation reported the following equity account balances on December 31, 2019: $ Preferred shares, $3.60 cumulative, unlimited shares authorized Common shares, unlimited shares authorized, 26,500 shares issued and outstanding Retained earnings 731,400 337,000 In 2020, the company had the following transactions affecting shareholders and the shareholders' equity accounts: Jan. 1 Purchased and retired 3,300 common shares at $36 per share. 14 The directors declared an 10% share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at $46.90 per share. 30 Date of record regarding the 10% share dividend. Feb. 5 Date of distribution regarding the 10% share dividend. July 6 Sold 6,300 preferred shares at $73 per share. Sept. 5 The directors declared a total cash dividend of $48,012 payable on October 5 to the September 20 shareholders of record. Oct. 5 The cash dividend declared on September 5 was paid. Dec. 31 Closed the $478,600 credit balance in the Profit Summary account to Retained Earnings. 31 Closed the dividend accounts.

Answer 1

Book1 - Microsoft Excel - 2 X Home Insert Page Layout Formulas Data Review View * Cut Copy General 1 - AutoSumA LE Paste Format Painter Clipboard Calibri - 11 - AA BI U DA ♡ - Wrap Text Merge & Center Alignment Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Cells 2 Clear Sort & Filter Editing Find & Select Font Number A1 - А C D E F G H I J K 13 a) 14 Date Credit Debit $ $ 91,080.00 27,720.00 $ 1,18,800.00 General Journal 01-Jan Common Shares(3300 shares @$27.60) Retained Earnings(3300 shares @$8.40) Cash(3600*$36) (Purchased and retired 3300 shares) 14-Jan Share Dividend(26500-3300) *10%*$46.90 Common Shares dividend distributable (Director declared 10% shares dividend) $ 1,08,808.00 $ 1,08,808.00 30-Jan No Entry $ 1,08,808.00 05-Feb Common Shares Dividend Distributable Common Shares (Distribution of 10% dividend) $ 1,08,808.00 $ 4,59,900.00 06-Jul Cash(6300 shares @$73) Preferred Shares (Issued 6300 Preference shares) $ 4,59,900.00 $ 48,012.00 $ $ 25,332.00 22,680.00 05-Sep Cash Dividends Common Dividend Payable($48012-$22680) 35 Preferred Dividend Payable(6300 shares @$3.6) 36 (Declared cash dividends) Ke Sheet1 Sheet2 Sheet3 Select destination and press ENTER or choose Paste Average: 181179.8085 Count: 127 Sum: 12863766.4 B O U 100% 0 + 10:53 Type here to search AD ENG 02-03-2020 W

Book1 - Microsoft Excel - 2 X Home Insert Page Layout Formulas Data Review View * Cut Copy ♡ General Ex in & Autosum Calibri - 11 - AA BI U DA LE Paste Format Painter Clipboard - Wrap Text Merge & Center 21 h Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Filter Editing Find & Select Font Alignment Number Cells - A G H I J K 33 $ 48,012.00 34 05-Sep Cash Dividends Common Dividend Payable($48012-$22680) Preferred Dividend Payable(6300 shares @$3.6) (Declared cash dividends) $ 25,332.00 22,680.00 $ $ 25,332.00 22,680.00 $ 48,012.00 $ 4,78,600.00 05-OctCommon Dividend Payable Preferred Dividend Payable Cash (Paid cash dividend) 31-Dec Profit Summary Retained Earnings (Profit Transferred to retianed Earnings account) 31-Dec Retained Earnings($108808+$48012) Share Dividends (Closed the dividends account) $ 4,78,600.00 $ 1,56,820.00 $ 1,56,820.00 Zan Aerospace Corporation Statement of Changes in Equity For the year ended December 31st, 2018 Preferred Stock 54 Balance January 1st, 55 Common Shares Dividends 56 Common Cash Dividends Sheet1 Sheet2 Sheet3 Ready Common Shares Retained Earnings Total Equity $ 7,31,400.00 $ 3,37,000.00 $ 10,68,400.00 $ 1,08,808.00 $ -1,08,808.00 IS -25.332.000 $ -25.332.00 | Average: 181179.8085 Count: 127 Sum: 12863766.4 BOU 100% + A Type here to search 10:53 D ENG 02-03-2020

Book1 - Microsoft Excel - 2 X Home Insert Page Layout Formulas Data Review View * Cut Copy ♡ General LE Paste Format Painter Clipboard Σ Autosum Calibri - 11 - AA BI U DA - Wrap Text Merge & Center Ρ Ι comditionele af denne stories on insert Delete com 9-% , d. Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Cells 2 Clear Sort & Filter Editing Find & Select Font Alignment Number А G H I J K 40 $ 48,012.00 41 $ 4,78,600.00 $ 4,78,600.00 Cash (Paid cash dividend) 31-Dec Profit Summary Retained Earnings (Profit Transferred to retianed Earnings account) 31-Dec Retained Earnings($108808+$48012) Share Dividends (Closed the dividends account) $ 1,56,820.00 $ 1,56,820.00 55c Zan Aerospace Corporation Statement of Changes in Equity For the year ended December 31st, 2018 Preferred Stock 54 Balance January 1st, Common Shares Dividends 56 Common Cash Dividends Purchased and retired common shares 58 Preferred Cash dividends 59 Preferred shares issued 4,59,900.00 60 Profit 61 Balance December 31st 4,59,900.00 62 57 Common Shares Retained Earnings Total Equity $ 7,31,400.00 $ 3,37,000.00 $ 10,68,400.00 $ 1,08,808.00 $ -1,08,808.00 | $ -25,332.00 $ -25,332.00 -91,080.00 $ -27,720.00 $ -1,18,800.00 $ -22,680.00 $ -22,680.00 $ 4,59,900.00 $ 4,78,600.00 $ 4,78,600.00 $ 7,49,128.00 $ 6,31,060.00 $ 18,40,088.00 Sheet1 Sheet2 Sheet3 Ready Average: 181179.8085 Count: 127 Sum: 12863766.4 B O U 100% 0 + Type here to search A D 10:53 ENG 02-03-2020 0