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A2 is the section I need help with. The answer for A1 is as follows: Statement of Change in Shareholder Equity No. of common stock

A2 is the section I need help with. The answer for A1 is as follows:

Statement of Change in Shareholder Equity
No. of common stock Common shares No. of Preferred stock Preference shares Retained Earnings AOCI Total
Oct 1 2019 1530000 44370000 180000 2700000 21710000 1090000 71580000
Common share issued 390000 12090000 12480000
Stock dividend-Common share 96000 4704000 -4704000 96000
(1530000+390000)*5% (96000*49) 0
Common cash dividend -10382400 -10382400
(1530000+390000+96000)*5.15 0
Prefernce cash dividend -216000 -216000
(180000*1.2) 0
Net Income 23620000 23620000
Other comprehensive loss 5290000 5290000
Sep 30 2020 2016000 61164000 180000 2700000 30027600 6380000 102467600

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List of Accounts:

  • Accumulated Other Comprehensive Income
  • Cash
  • Common Shares
  • Dividends Declared
  • Dividends Declared Common Shares
  • Dividends Declared Preferred Shares
  • Dividends Payable
  • Equipment
  • Income Summary
  • Land
  • No Entry
  • Operating Expenses
  • Preferred Shares
  • Retained Earnings
  • Sales Revenue
  • Stock Dividends Declared
  • Stock Dividends Issuable

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Major Communications Ltd. a publicly traded company that specializes in data capture, has been in operation for several years. On October 1, 2019, it had 10 million common shares authorized and 1,570,000 shares issued at an average value of $33 per share. As well, there were 1 million preferred shares authorized, with 220,000 of them issued at $14 per share. During the fiscal year ended September 30, 2020, the company generated net income after taxes of $24,350,000 and other comprehensive loss of $4,600,000. On October 1, 2019, the balance in Retained Earnings was $20,910,000 and the balance in Accumulated Other Comprehensive Income was $910,000. The preferred shares pay an annual dividend of $1.10. During the fiscal year 2020, the following transactions affected shareholders' equity: 1. 2. On November 1, 2019, 390,000 new common shares were issued at $35 per share. On March 15, 2020, a 5% common stock dividend on the outstanding shares was declared and distributed when the market price was $48 per share. On September 1, 2020, a dividend of $5.25 per common share was declared. The date of record was September 15, 2020, with the date of payment being October 5, 2020. 5 The preferred dividend for the year was declared and paid. 3. 4. (a 1) Your answer is correct. Prepare the statement of changes in shareholders' equity as at September 30, 2020. (If an amount reduces the account balance then enter with negative sign, eg. -15,000 or in parenthesis, eg (15,000)) N Statement Yes Number of common shares Common shares Number of preferred shares Oct. 1. 2019 1570000 $ 51810000 Common shares issued 390000 13650000 Stock dividend - common shares 98000 4704000 Common cash dividends Preferred cash dividend Net income Other comprehensive loss Sept. 30, 2020 2058000 70164000 e Textbook and Media List of Accounts Attempts: 2 of 2 used (a2) Prepare the shareholders' equity section of the statement of financial position as at September 30, 2020. (Enter negative answers using either a negative sign preceding the number eg.-5,125 or parentheses es. (5.125). Major Communications Ltd. Shareholders' Equity ' September 30, 2020 $ Total Shareholders' Equity $ $

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