Discuss the below:
Pearson began the current year with 30,000 $1 common shares issued and outstanding. Paid in capital in excess of par was $25,000 and retained earnings were $175,000. Net income for the current year was $22,000.
Requirements:
Review Pearson's transactions for the current year in the Excel Template below, then:
Record the transactions in the journal.
Prepare the statement of shareholders' equity for the current year.
Attachment:- Pearson Wood Supplies data sheet.rar