1) Aspire Corporation has 50,000 preferred shares issued and outstanding at December 31, 2020. The shares were issued at $25 per share and have a 4% dividend rate, a payable annually. The company also has 200,000 common shares issued and outstanding at December 31, 2020. The company's net income for the year 2020 is $1,200,000. On December 31, 2020, the company's board of directors declared dividends equal to 25% of net income. Requirements: (20 marks) a) Assuming the preferred shares are cumulative and that the company had two years of dividends in arrears at the start of 2020. Calculate the amount of dividends to be paid to preferred shareholders and to the common shareholders in 2020. b) Assuming the preferred shares are non-cumulative and that the company had two years of dividends in arrears at the start of 2020. Calculate the amount of dividends to be paid to preferred shareholders and to the common shareholders in 2020. 2) Veik Corporation had 175,000 common shares issued and outstanding at October 31, 2020. On that day, the company's board of directors declared a dividend of $0.78 per share, payable on November 28, 2020, in the shareholders of record on November 15, 2020. Requirement: (15 marks) a) Complete the tabular summary below. (If a transaction causes a decrease in Assets, Liabilities or Shareholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Shareholders' Equity Cash + + + Revenue Expenses Dividends Dividends Payable Common Shares Oct 31,2020 Nov 15,2020 Nov 28,2020 b) On November, the company had begun the year with retained earnings of $2,045,000 in January 1, 2020, and had net income of $546,000 for the year. Calculate Veik's retained earnings balance as at December 31, 2020. Show calculations below: 3) HD Corporation had the following shareholders' equity balances at January 1, 2020: Common shares, unlimited authorized, 200,000 issued Retained earnings $800,000 $120,000 During the year 2020, revenue was $400,000 and expenses was $280,000. The following events occurred in 2020: Feb 1, 2020 Issued 50,000 common shares for $150,000 cash. Mar 10, 2020 Declared a cash dividend of $0.15 per share to the shareholders Apr 3, 2020 Paid dividends Requirement: Show all calculations below (15 marks) a) What is the book value per common share on Jan 1, 2020? b) What is the book value per common share on Dec 31, 2020? c) What is the amount of dividends paid to common shareholders? d) What is the amount of retained earnings on Dec 31, 2020