Aylmer Enterprises Inc. reported the following shareholder$$s equity at December $31,$ Y$4$:

Preferred Shares, $$2,$ no par value, $100,000$ shares authorized, $$1,376,167$

cumulative and fulling participating, $20,000$ shares issued and outstanding.

Common Shares, no par value, $100,000$ shares authorized, $840,119$

$80,000$ shares issued and outstanding.

Contributed Surplus $($retirement of Common Shares$)120,000$

Retained Earnings $2,234,717$

The following transactions took place in Y$5$:

$2/28/$Y$5$ Retired $9,000$ common shares at $$15$ per share

$3/3/$Y$5$ Declared and distributed a $3\%$ common stock dividend. The market value of the shares

at that time was $$12\mathrm{.}00$ per share.

$4/30/$Y$5$ The company decided to sell additional shares through a subscription basis. The offering

was $5,000$ common shares at $$12$ per share with $40\%$ down. The balance is due on May $31$st$.$

All shares were subscribed for during the offering period.

$7/10/$Y$5$ The board voted for a $3-$for$-1$ common stock split.

$11/30/$Y$5$ Aylmer declared a total dividend of $$235,233$ to be split between the preferred and common shareholders

The dividend will be paid January $14,$ Y$6.$ In your entry, show the calculation of how the dividend should be split

between preferred and common shareholders.

Other Information:

Net income for Y$5$ was $$588,084$

No dividends were declared in Y$4.$

REQUIRED

$1.$ Prepare all necessary journal entries for the above Y$5$ transactions. If no entry is required, please indicate $$no entry is required.$$

$2.$ Prepare a statement of changes in equity for Y$5$

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