4. Comput Acc Problem 13-8A At January 1, 2015, Computer Metals Processing Ltd.'s balance sheet reported the following shareholders' equity: Ret Cor ding the issuance of ating cash dividends ok value preparing ty and shareholders tions of the balance sheet a Shareholders' Equity Contributed capital: Preferred shares, $1.25, cumulative (2 years in arrears), liquidation price of $20, 100,000 shares authorized, 30,000 shares issued and outstanding Div Tot shareholders equity $2.430,000 $ 200,000 Ne Common shares Class A 20,000 shares authorized and issued and outstanding Cless B, unlimited number of shares authorized 150,000 shares issued and outstanding Total contributed capital Co 125,000 Int 1,500,000 1,825,000 Retained earnings Rec Total shareholders' equity 1. 300,000 $2,125,000 2. rt 3 Accounting for Partnerships and Corporate Transactions 3. The company had the following transactions on the dates indicated: es d 2015 1 The company declared dividends of $180.000 payable on January 15, 2016, to the shareholders of record on December 31. Indicate the amount that would be payable to the preferred shareholders and to the common shareholders. The dividend rate for Class A and Class B shares is the same. The company reported net income after taxes of $60,000 for the year and then closed the Income Summary account. Dec. 31 2016 7 The company sold 10,000 preferred shares at $23.50 per share. 15 The company paid the dividend declared on December 1, 2015 Feb. 14 The company sold 15,000 Class B common shares at $11.00 per share. Dec. 2 The company declared dividends of$120,000payable-on January 15, 2017, Jan to the shareholders of record on December 31, 2016. Indicate the amount that would be payable to the preferred shareholders and to the common shareholders. 31 The company reported net income after taxes of $145,000 and then closed the Income Summary account. 2017 Paid the dividend declared on December 2, 2016 15 Jan. Required 1. Record the transactions in the general journal. 2. Prepare the liability and shareholders' equity sections of the balance sheet as of the close of business on December 31, 2016. 3. Calculate the book value per share of the preferred shares and of the common shares (Class A and Class B combined) on December 31, 2016. 4. What was the average price at which the Class A common shares were issued