A. J. Donald Company started business on January 1, 2024, and the following transactions occurred in its first year:

1.On January 1, the company issued 12,800 common shares at $25 per share.

2.On January 1, the company purchased land and a building from another company in exchange for $84,000 cash and 6,000 shares. The land's value is approximately one-quarter of the total value of the transaction. (Hint: You need to determine a valug for the shares using the information given in transaction 1, and the land and building should be recorded in separate accounts.)

3.On March 31, the company rented out a portion of its building to Frantek Company. Frantek is required to make quarterly payments of $9,100 on March 31, June 30, September 30, and December 31 of each year. The first payment, covering the period from April 1 to June 30, was received on March 31, and the other payments were all received as scheduled.

4.Equipment worth $123.000 was purchased on July 1, in exchange for $61,500 cash and a one-year note with a principal amount of $61.500 and an interest rate of 10%. No principal or interest payments were made during the year.

5.Inventory costing $258,000 was purchased on account.

6.Sales were $353,500, of which credit sales were $303.500.

7.The inventory sold had a cost of $187,000.

8..Payments to suppliers totalled $206,500.

9.Accounts receivable totalling $208,000 were collected.

10. Operating expenses amounted to $52,500, all of which were paid in cash.

11. The building purchased in transaction 2 is depreciated using the straight-line method, with an estimated useful life of 20 years and an estimated residual value of $32.000.

12. The equipment purchased in transaction 4 is depreciated using the straight-line method, with an estimated useful life of 10 years and an estimated residual value of $6,900. Because the equipment was purchased on July 1, only a half year of depreciation is recognized in 2024.

13. Dividends of $20,800 were declared during the year, of which $6,700 remained unpaid at year end.

14. Interest expense on the note payable from transaction 4 was recorded

Number of Common Shares Share Capital - Common Shares Retained Earnings $ $ $ $ $