Lisgar Corporation\'s shareholders\' equity section at the beginning and end of

Question

Lisgar Corporation's shareholders' equity section at the beginning and end of 20x7 were as follows Jan. 1, 20x7 $794243 518833 18486 Dec. 31,20x7 $786749 Common shares Retained Earnings Contributed Surplus - reacquisition of common shares The following transactions took place during the year: Feb. 20 Issued 5000 common shares for $112955 cash Retired 10000 common shares for $185161 Reported net income of $172483 for the year August 1 Dec. 31 What is Lisgar's Retained Earnings balance at the end of 20x7? Assume the company did not declare any dividends during the year. Select one a. $626604 O b. $645090 O c. $691316 d. $472607

Explanation / Answer

Answer: $645090

Common shares Retained Earnings Contributed Surplus Jan. 1, 20x7 balance 794243 518833 18486 Feb. 20 112955 Aug. 1 -120449 -46226 -18486 Dec. 31 172483 Dec. 31, 20x7 balance 786749 645090 0

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