Prepare ALL the journal entries for the year pertaining to Shiloh’s Shareholders’ Equity;

  1. Shiloh’s Entertainment has the following Shareholders’ Equity as of January 1, 2018:

Preferred Shares, 8% cumulative, 10,000 issued, 50,000 authorized                          $ 500,000

Common Shares, 250,000 issued, unlimited authorized                                                   1,000,000

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Contribution Surplus – Common Shares                                                                                      45,000

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Retained Earnings                                                                                                                            2,500,000

Accumulated Other Comprehensive Income                                                                           150,000

During the year the following transactions occurred:

  • A buyback of 5,000 common shares at a market value of $50 per share;
  • A 10% common stock dividend was declared and paid at a market value of $49 per share;
  • A 2:1 common share stock split was declared and paid, after the split the market valve of a share was $25;
  • Issued 5,000 common shares at a market value of $27 per share and there was a $5,000 legal fee associated with the issuance;
  • Bought a piece of specialized equipment with a fair value of by issuing 5,000 common shares at a market price of $26 per share.

Required: Based on the above information

  1. Prepare ALL the journal entries for the year pertaining to Shiloh’s Shareholders’ Equity;
  2. Complete the Shiloh’s 2018 Changes to Shareholders’ Equity (denoting number of shares outstanding for both Preferred and Common Shares).

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