Question 3: (32 marks)The statement of financial position for the Oblong Corporation, aprovincially incorporated corpora...

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The statement of financial position for the Oblong Corporation

April 14, 2018

Question 3: (32 marks)
The statement of financial position for the Oblong Corporation, a
provincially incorporated corporation, reported the following components of
shareholders’ equity on December 31, 2012:
Contributed capital:
Preference shares, $1.50 cumulative, unlimited shares
authorized; 20,000 shares issued and outstanding................. $ 140,000
Common shares, unlimited shares authorized;
75,000 shares issued and outstanding....................................... 262,500
Total contributed capital............................................................. 402,500
Retained earnings......................................................................... 135,000
Total shareholders’ equity .......................................................... $ 537,500
In 2013 Oblong had the following transactions affecting shareholders and
the shareholder equity accounts:
Jan. 1
5

Feb. 28
July 1
Sept. 5

Oct. 28
Dec. 31

Sold 30,000 common shares at $3.80 per share.
The directors declared a total cash dividend of $82,500 payable
on Feb. 28 to the Feb. 5 shareholders of record. There were no
dividends in arrears. (Note: dividends are not initially debited to
Retained earnings and the company separates payables for
each class of shares)
Paid the dividends declared on January 5.
Sold preference shares for a total of $56,000. The average
issue price was $8 per share.
The directors declared a $0.50 per common share cash
dividend payable on Oct. 28 to the Oct. 5 shareholders of
record.
Paid the dividends declared on September 5.
Closed the dividend accounts along with the $194,000 credit
balance in the Income summary account.

Required
1. Prepare journal entries to record the transactions and closings for
2013.
2. Prepare a statement of changes in equity for the year ended
December 31, 2013.
3. Prepare the shareholders’ equity section of the company’s balance
sheet as of December 31, 2013.










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