10.3

Answers are in the results.

Can you just walk me through, step by step, how that number is derived, thanks!

yryx Spreadsheet Print Preferences Help Lab 10.3 (Question 2) Name: Fiona Murton Cabrera Date: 2020-10-18 10:54 Question 2 [5 points] The question was: Vision Consulting Inc. showed the following equity information as at December 31, 2014. a. The preferred shares had sold for an average price of $16. b. The common shares had sold for an average price of $7. c. Retained Earnings at December 31, 2013, was $320,000. During 2014, net income earned was $600,000. The board of directors declared a total cash dividend of $295,000. Use this information to complete the equity section of the balance sheet. Your solution to the question was: Vision Consulting Inc. Equity Section of the Balance Sheet December 31, 2014 Contributed capital: Preferred shares, $2.00 non-cumulative; 350,000 shares authorized; shares issued and outstanding ...........". Common shares; unlimited shares authorized 200,000 shares issued and outstanding_ Total contributed capital_. 4,840,000 Retained earnings.. Marking: The number of preferred shares issued should be 215,000, but you have left this blank. This will cost you 1 mark The contributed capital from preferred shares should be $3,440,000, but you have left this blank. This will cost you 1 mark The contributed capital from common shares should be $1,400,000, but you have left this blank. This will cost you 1 mark. The equity should be $5,465,000, but you have left this blank. This will cost you 1 mark. The retained earnings should be $625,000, but you have left this blank. This will cost you 1 mark. Total marks for this question: 0 Overall Mark: 0/5 Your mark of 0/5 has been recorded. DONE