The balance sheet for QuickStream Inc. reported the following components of equity on December 31, 2020:

Common shares, unlimited shares authorized,100,000 shares issued and outstanding ..................................... $ 480,000Retained earnings ............................................................................. 648,000Total equity ................................................................................... $1,128,000

The company completed these transactions during 2021:

Required

1. Prepare general journal entries to record the transactions and closings for 2021.

2. Prepare a statement of changes in equity for the year ended December 31, 2021.

3. Prepare the equity section of the company?s balance sheet as of December 31, 2021.

Analysis Component: How much of QuickStream?s assets are financed by the common shareholders at December 31, 2021? Explain what other sources of financing are available.

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The directors declared a $0.90 per share cash dividend payable on March 31 to the March 15 shareholders of record. 31 Paid the dividend declared on March 2. Issued 12,000 common shares at $7.80 per share. Issued 8,000 common shares at $5.70 per share. The directors declared a $1.50 per share cash dividend payable on January 2, 2022, to the December 10 shareholders of record. Closed the $321,600 credit balance in the Income Summary account to Retained Earnings. Closed the Cash Dividends account. 2 Mar. 11 Nov. 25 Dec. 31 31