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The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2017 Common shares, unlimited shares authorized 20,900 shares issued and outstanding Retained earnings $377,000 225,000 Total equity $602,000 In 2018, Umi had the following transactions affecting shareholders and the equity accounts Jan. 5 The directors declared a $4.10 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record Feb. 28 Paid the dividend declared on January 5 July 6 Sold 1,200 common shares at $39.30 per share. Aug. 22 Sold 1,700 common shares at $28.10 per share Sept. 5 The directors declared a $4.10 per share cash dividend payable on October 28 to the October 5 shareholders of record Paid the dividend declared on September 5 Closed the $348,100 credit balance in the Income Summary account. Closed the Cash Dividends account. Oct. 28 Dec. 31 31 Required 1. Prepare journal entries to record the transactions and closings for 2018. The company uses a cash dividends account to record declared dividends. (If no entry is required for a transaction/event, select No journal entry required in the first account field.) View transaction list Record the dividend declared on 20,900 outstanding shares 1 2 Record cash dividend paid 3 Record the issuance of common shares 4 Record the issuance of common shares Credit 5 Record the dividend declared on 23,800 outstanding shares

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Answer #1

1.

Date General Journal Debit Credit
Jan. 5 Cash dividends (20900 x $4.10) 85690
Dividend payable 85690
(Declaration of cash dividends)
Feb. 28 Dividend payable 85690
Cash 85690
(Payment of dividend)
July 6 Cash (1200 x $39.30) 47160
Common shares 47160
(Issuance of common shares for cash)
Aug. 22 Cash (1700 x $28.10) 47770
Common shares 47770
(Issuance of common shares for cash)
Sept. 5 Cash dividends [(20900 + 1200 + 1700) x $4.10] 97580
Dividend payable 97580
(Declaration of cash dividends)
Oct. 28 Dividend payable 97580
Cash 97580
(Payment of dividend)
Dec. 31 Income summary 348100
Retained earnings 348100
(Close income summary account)
Dec. 31 Retained earnings 183270
Cash dividends 183270
(Close cash dividends account)

2.

UMI SUSTAINABLE SEAFOOD INC.
Statement of Changes in Equity
For Year Ended December 31, 2018
Common Shares Retained Earnings Total Equity
Balance, January 1 377000 225000 602000
Issuance of common shares 94930 94930
Net income for the year 348100 348100
Dividends -183270 -183270
Balance, December 31 471930 389830 861760

3.

UMI SUSTAINABLE SEAFOOD INC.
Equity Statement of the Balance Sheet
December 31, 2018
Contributed capital:
Common shares, unlimited shares authorized, 23800 shares issued and outstanding 471930
Earned Capital:
Retained earnings 389830
Total equity 861760
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