At December 31, 2013, the equity accounts of Mead Medical Centre (MMC) were as follows: $\begin{array}{lr}
\text { Common stock: authorized } 30,000 \text { shares issued and outstanding } 9,000 \text { shares } & \$ 45,000 \
\text { Contributed surplus } & 63,000 \
\text { Retained earnings } & 73,000\
\text { Total shareholders' equity }&\$181,000
\end{array}$ On March 31, 2014, the directors declared and paid a 4% stock dividend when the fair market value of the shares was $18 per share.On December 1, 2014, the board of directors announced a $2 dividend per common share to be paid on December 31, 2014.For the year ended December 31, 2014, MMC sustained a net loss of
$16,000.
Required:

Question

Quizplus · Accepted Answer

The Answer of At December 31, 2013, the equity accounts of Mead Medical Centre (MMC) were as follows: $\begin{array}{lr}
\text { Common stock: authorized } 30,000 \text { shares issued and outstanding } 9,000 \text { shares } & \$ 45,000 \
\text { Contributed surplus } & 63,000 \
\text { Retained earnings } & 73,000\
\text { Total shareholders' equity }&\$181,000
\end{array}$ On March 31, 2014, the directors declared and paid a 4% stock dividend when the fair market value of the shares was $18 per share.On December 1, 2014, the board of directors announced a $2 dividend per common share to be paid on December 31, 2014.For the year ended December 31, 2014, MMC sustained a net loss of
$16,000.
Required:

At December 31, 2013, the Equity Accounts of Mead Medical