Brubacher Corporation€™s post-closing trial balance at December 31, 2012, was as follows:

At December 31, 2012, Brubacher had the following numbers for its common and preferred shares:

The dividends on preferred shares are $5 cumulative. In addition, the preferred shares have a preference in liquidation of $50 per share.
Instructions
Prepare the shareholders€™ equity section of Brubacher€™s balance sheet at December 31, 2012. The company follows IFRS. (AICPA adapted)

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BRUBACHER CORPORATION Post-Closing Trial Balance December 31, 2012 Dr. Cr $ 310,000 Accounts payable Accounts receivable Accumulated amortization-building and equipment Accumulated other comprehensive income Contributed surplus common Allowance for doubtful accounts Bonds payable Building and equipment Cash Common shares Dividends payable on preferred shares (cash) Inventories Investmentstrading Land Preferred shares Prepaid expenses Retained earnings Treasury shares (10,000 common shares) Totals $ 480,000 185,000 100,000 1,460,000 30,000 300,000 1,450,000 190,000 200,000 4,000 360,000 200,000 400,000 500,000 201,000 $3,290,000 40,000 170,000 $3,290,000 Authorized Issued Outstanding Common 600,000 200,000 190,000 Preferred 60,000 10,000 10,000