Hex Corporation Showed the Following Amounts in the Equity Section

question 76

Essay

Hex Corporation showed the following amounts in the equity section of its balance sheet at January 1, 2021:
$\begin{array}{|l|r|}\hline \text { Preferred Shares, } \$ 2 \text { cumulative (in arrears for 2020), 10,000 shares issued } & \$ 500,000 \\\hline \text { Common shares } 40,000 \text { shares issued } & \$ 800,000 \\\hline \text { Retained Earnings } & \$ 500,000 \\\hline\end{array}$
In 2021: On Jan. 20, 2021, 10,000 common shares were issued for $150,000. On Nov. 1, 2021, Cash dividends of $90,000 were declared. Dividends will be paid on January 18, 2022. On Dec. 31, 2021 Hex reported revenues of $150,000 and expenses of $80,000 for the year.

-Prepare journal entries for 2021.Use an Income Summary account and Cash Dividends account as required

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Definitions:

Emotions

Complex psychological states that involve three distinct components: a subjective experience, a physiological response, and a behavioral or expressive response.

Cognitive-Behavioural Therapy

A therapy approach focusing on changing negative thought patterns and behaviors to improve emotional regulation and personal coping strategies.

Psychotherapy

A general term for treating mental health problems by talking with a psychiatrist, psychologist or other mental health provider.

Effectiveness

The degree to which something achieves its intended outcome or results under real-world conditions.