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,
Common Shares, unlimited number authorized, 150,000 issued
Accumulated Other Comprehensive Income
Westcock Shipbuilding Ltd. had the following transactions during 2017:
Issued 700 Preferred shares at $95 per share.
Reacquired 5,000 Common Shares at $16 a share.
Announced a 3 for 1 stock split of the common shares. Immediately before the split, the share price was $13 a share.
Declared the annual dividend on the preferred shares for shareholders of record Sept 30, payable Oct 15.
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.
a) Record all of the transaction
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