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The equity accounts for Kalimantan Corp. showed the following balances on December 31, 2013:

Accounting & FinanceFinancial AccountingWorked Solution

The equity accounts for Kalimantan Corp. showed the following balances on December 31, 2013:

Preferred shares, $2 non-cumulative,

Unlimited shares authorized ............................................................................ $ -0-

Common shares, unlimited shares authorized,

100,000 shares issued and outstanding .......................................................... 640,000

Retained

earnings............................................................................................... 864,000

The company completed these transactions during 2014:

.:.

Required

1. Prepare General Journal entries to record the transactions and closings for 2014.

2. Prepare the statement of changes in equity for the year ended December 31, 2014.

SOLUTION:

Part 1

Journal entries:

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