8% Intermediate Accounting Co. Shareholders' equity 31-Dec-19 Preferred shares, no par value, cumulative and participating 1,000 shares issued & outstanding Common shares, no par value, 100,000 authorized 6,000 issued and outstanding Contributed Surplus-common shares Contributed Surplus-Preferred shares Retained earnings Total shareholders equity A) Instructions: The following transactions was the only transactions occurred during 2020 Prepare all the required journal entries to record the following transactions: B) (1) Jan 1, Issued 3,000 shares at $40 cash per common share (2) Feb 8, Issued 1,000 8% cumulative and participating preferred shares at (3) Mar 9, Repurchased and cancelled 200 shares at $20 (4)Apr 10, Issued 1,000 shares at (5)May 2, Repurchased and cancelled $50 cash per share. per common share. $45 common share. 2,000 shares at $50 per common share. August 8, 2020 Board of Directors declared and paid cash dividends in the amount of $ 50,000 determine how much each class of shares should receive dividend. Note that there is one year's dividend in arrears. Prepare the journal entry to record this payment (Assume the dividend declared and paid on the same day) C) Show the proper B/S (SFP) presentation for the shareholders equity at dec 31 2020 $ 100,000 180,000 6,000 50,000 145,000 481,000