On January 1 2015 Wirth Corporation a publicly traded

company #8671
On January 1, 2015, Wirth Corporation, a publicly traded company, had these shareholders'
equity accounts:Common shares (unlimited number of shares authorized,110,000 shares
issued) ..................................................$1,100,000Retained earnings
....................................................... 540,000Accumulated other comprehensive income
......................... 60,000During the year, the following transactions occurred:Jan. 15 Declared a
$1 per share cash dividend to shareholders of record on January 31, payable February 15.Apr.
15 Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15.
On April 15, April 30, and May 15, the share prices were $15, $13.50, and $14,
respectively.Oct. 1 Effected a 2-for-1 stock split. On October 1, the share price was $20.Dec. 31
Determined that profit for the year was $350,000.Instructions(a) Record the above transactions,
including any required entries to close dividends and profit to Retained Earnings.(b) Open T
accounts as required and post to the shareholders' equity accounts.(c) Prepare a statement of
changes in equity for the year.(d) Prepare the shareholders' equity section of the statement of
financial position at December 31.View Solution:
On January 1 2015 Wirth Corporation a publicly traded company

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