3 Major Communications Ltd., a publicly traded company that specializes in data capture, has been in operation for several years. On October 1, 2023, it had 10 million common shares authorized and 1.5 million shares issued at an average value of $30 per share. As well, there 5 were 1 million preferred shares authorized, with 200,000 of them issued at $15 per share. During the fiscal year ended September 30, 2024, 6 the company generated net income after taxes of $25 million and other comprehensive loss of $5 million. On October 1, 2023, the balance in 7 Retained Earnings was $20,375,000 and the balance in Accumulated Other Comprehensive Income was $1 million. The preferred shares pay 8 an annual dividend of $1.20. During the fiscal year 2024, the following transactions affected shareholders' equity: 9 10 1) On November 1, 2023,400,000 new common shares were issued at $32 per share. 112) On March 15, 2024, a 5% common stock dividend on the outstanding shares was declared and distributed when the market price was $45 per share. 12 13 3) On September 1, 2024, a dividend of $5.15 per common share was declared. The date of record was September 15, 2024, with the date of payment being October 5, 2024. 14 15 4) The preferred dividend for the year was declared and paid. 16 17 Required 18 Prepare the statement of changes in shareholders' equity and the shareholders' equity section of the statement of financial position as 19 at September 30, 2024. 20 21 22 23 24 25 Oct 1, 2023 Number of Accumulated Common common shares shares Number of preferred shares Preferred shares Retained earnings other Total comprehensive income Oct 1, 2023 Common shares issued Stock dividend common shares Cash dividends-common Cash dividends-preferred 20 Net income 30 31 Other comprehensive loss 32 Sept 30, 2024 36 37 38 19 Number of Number of Common common preferred shares Preferred shares shares shares Accumulated Retained other earnings comprehensive income AP11-2A AP11-28 + Ready 53 34 35 36 37 38 39 40 41 44 2345 46 47 48 49 50 +