As of December 31, 2017, Shannon Corporation Had 500,000 Common

question 10

Essay

As of December 31, 2017, Shannon Corporation had 500,000 common shares authorized, 100,000 of which had been issued for proceeds of $1.9 million. The Retained Earnings balance was $1,150,000 and Accumulated Other Comprehensive Income was $1,800,000.On January 18, 2018, 50,000 common shares were issued at $25 per share. Net income for 2018 was $275,000. No dividends were declared in 2018.Instructions
a. Prepare the entry to record the common share issue on January 18.
b. Prepare the shareholders' equity section of the statement of financial position at December 31, 2018.

---

Definitions:

Marcia

A theory developed by James Marcia that categorizes an individual's progress toward their identity in terms of crisis and commitment across different life areas.

Field of Medicine

The Field of Medicine encompasses the science and practice of diagnosing, treating, and preventing diseases and injuries to improve health.

Erikson

refers to Erik Erikson, a developmental psychologist known for his theory on the psychosocial development of human beings.

Adolescents

Youth who are in the transitional phase of growth and development between childhood and adulthood, usually between the ages of 13 and 19.