At December 31, 2020, Shannon Corporation had 500,000 common shares authorized, 100,000 of which had been issued for cash proceeds of $1,900,000. Shannon Corporation is a public corporation reporting under IFRS. The Retained Earnings balance was $1,150,000 and Accumulated Other Comprehensive Income was $1,800,000.

On January 18, 2021, 50,000 common shares were issued at $25 per share. Profit for 2021 was $275,000. No dividends were declared in 2021.

Instructions:

(a)show the entry to record the common share issue on January 18, 2021.

(b)Show the Shareholders' Equity section of the balance sheet at December 31, 2021.