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Question

23.

Westcock Shipbuilding Ltd. has a December 31 year end. On January 1, 2017, the company

had the following shareholder's equity accounts.


Preferred Shares, $4 non cumulative, unlimited number authorized,

7,000 issued

$ 850,000

Common Shares, unlimited number authorized, 150,000 issued

2,250,000

Retained Earnings

1,750,000

Accumulated Other Comprehensive Income

22,000

Westcock Shipbuilding Ltd. had the following transactions during 2017:

Jan 31

Issued 700 Preferred shares at $95 per share.

Mar 2

Reacquired 5,000 Common Shares at $16 a share.

Jun 28

Announced a 3 for 1 stock split of the common shares. Immediately before the split, the share price was $13 a share.

Sep 15

Declared the annual dividend on the preferred shares for shareholders of record Sept 30, payable Oct 15.

Oct 31

Declared a common dividend of $.50 a share for all shareholders of record November 30. The dividend is payable December 15.

The company reported a profit of $450,000 and other comprehensive income of $15,000 for 2017.


Instructions

a)        Record all of the transaction

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