a) Prepare all the journal entries for the stated transactions b) Assume that the income for the year is $13,500,000. Prepare a statement of changes in shareholders’ equity c) Prepare

a) Prepare all the journal entries for the stated transactions b) Assume that the income for the year is $13,500,000. Prepare a statement of changes in shareholders’ equity c) Prepare the shareholders’ equity section of the balance sheet at the end of the year Transcribed Image Text: Junk ‘R Us (JRU) recently went public as of January 1, 2020. At the time it issued 2,000,000 common shares worth
$50,000,000 along with 250,000, 5% preferred shares for a total of $7,000,000. By the end of the year (December
31, 2020), JRU showed the equity section of its balance sheet that it had retained earnings of $9,500,000.
The following transactions occurred during the year 2021:
• Issued and additional 950,000 common shares raising another $26,000,000
• Repurchased and cancelled 225,000 shares at $22 per share
• Issued 6,500 common shares in exchange for new truck worth $95,000
• Issued another 425,000 common shares raising an additional $15,000,000
• Stock split 2 to 1
• Repurchased 45,000 at $34 per share
• Declare a $0.90 common share dividend and dividend on the preferred shares
• Paid the dividends at year end

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer