Homework answers / question archive / The All-Well Corporation had equity on December 31, 2019, as follows: Common shares, unlimited shares authorized, 25,000 shares issued $125,000 Retained earnings 150,000 All-Well Corporation is authorized to issue 50,000 shares of $2 cumulative preferred shares

The All-Well Corporation had equity on December 31, 2019, as follows: Common shares, unlimited shares authorized, 25,000 shares issued $125,000 Retained earnings 150,000 All-Well Corporation is authorized to issue 50,000 shares of $2 cumulative preferred shares

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The All-Well Corporation had equity on December 31, 2019, as follows: Common shares, unlimited shares authorized, 25,000 shares issued $125,000 Retained earnings 150,000 All-Well Corporation is authorized to issue 50,000 shares of $2 cumulative preferred shares. The following transactions occurred during 2020: Jan. 10 Issued 10,000 common shares in exchange for land valued at $60,000. Feb. 15 The board of directors declared a 5% share dividend to shareholders of record on March 1, to be distributed on March 20. The shares were selling for $6 a share. Mar. 20 Issued the share dividend. Apr. 1 Issued 10,000 preferred shares for cash at $11 per share. May 1 Declared total cash dividends of $62,000 to shareholders of record on May 20, payable May 31. May 31 Paid the cash dividend. June 15 The board decided to split the common shares 4 for 1 effective July 1. July 1 Share split (4 for 1) executed. Dec. 31 Earned a net income of $250,000 for the year. Closed the income summary account. REQUIRED: 1) Journalize the above journal entries. 2) Prepare a statement of changes in equity for 2020. 3) Prepare the balance sheet presentation of the equity as at December 31, 2020.