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Pearson began the current year with 30,000 $1 common shares issued and outstanding. Paid in capital in excess of par wa $25,000 and retained earnings were $175,000. Net income for the current year was $22,000.
Review Pearson’s transactions for the current year in the Excel Template below, then:
1. Record the transactions in the journal
2. Prepare the statement of shareholders’ equity for the current year.