Prepare the Shareholders' Equity Section from Transaction Data In 2009, the Following Events Occurred:
Jones Issued 2,000 $5

question 32

Essay

Prepare the shareholders' equity section from transaction data.
Shown below is the shareholders' equity section of Jone's balance sheet at December 31, 2009
$\begin{array}{c}\begin{array}{lll} \text {Shareholders' equity.}\\ \text {Ordinary Share, \$5 par value, 500,000 shares authorized, ?? share sissued}\\ \text { Share premium: ordinary}\\\\ \text {Total Issued and fully paid capital }\\ \text {Retained earning:}\\\\ \text {Total shareholders' equity} \end{array}\begin{array}{lll}\\\$ 600,000 \\360,000 \\\\\$ 960,000 \\750,000 \\\\\$ 1,710,000\end{array}\end{array}$
In 2009, the following events occurred:
Jones issued 2,000 $5 par value ordinary shares in exchange for legal services relating to the formation of the corporation; value of these services was set at $19,500.
Jones issued 8,000 of its 10,000 authorized $8 cumulative preference shares, $100 par value, for $108 per share.
The board of directors declared and paid dividends of $8 per share to preference shareholders and 50 cents per share to ordinary shareholders.
The company's profit for 2009 is $450,000.
Instructions: Complete in good form the shareholders' equity section of a balance sheet prepared for Jones at December 31, 2009

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