The December 31, 2019 balance sheet of Randy Inc. included the following in Shareholders' Equity: Common shares, 70,000

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The December 31 2019 Balance Sheet Of Randy Inc Included The Following In Shareholders Equity Common Shares 70 000 1 (36.53 KiB) Viewed 30 times

The December 31, 2019 balance sheet of Randy Inc. included the following in Shareholders' Equity: Common shares, 70,000 shares issued and outstanding $1,000,000 Preferred shares, cumulative, 53, 5,000 shares issued and outstanding 5 600,000 Retained earnings S1,500,000 Contributed Surplus-repurchase 549,500 Additional information regarding Randy Ine, during 2020 was made available: January 1: Issued 40,000 common shares in exchange for $800,000 cash. May 30: Declared cash dividends at a total of $140,000 September 15: Declared and distributed 2% stock dividends when the market was trading at S50 per share, October 20: Paid cash dividends declared on May 30, December 1: Paid 5680,000 to repurchase and cancel 16,000 common shares that had been initially issued for $272,371 • 2020 net income totaled 2,680,000 • Randy Inc. dipt pay any dividends in 2019. Resuired: 1. Record the journal entries on the following Gates (12 points) January 1, 2020 (1.5 points) May 30, 2020 (3 points) September 15, 2020 points) d. October 20, 2020 (1.5 points) December 1, 2020 (4 points) 2. Determine the balance of Retained Earnings at December 31, 2020. Clearly show calculations for numbers that are not gives (3 points)