BAT4M1 DISTANCE LEARNING ASSIGNMENT CORPORATIONS (PART 1) On December 1, 2020, Homer Simpson issued the IPO for Mr. Plow Ltd. Out of an authorized 5 000 no par value common shares, 2 500 were purchased by investors at a price of $34 per share. On December 31, Mr. Plow Ltd. reported year-end revenues of $25 000 and expenses of $13 000. On February 15, 2021, an additional 500 no par value common shares were issued to Monty Burns at a price of $36 per share. On April 13, 2021, Mr. Plow Ltd. issued 100 shares of $8 cumulative, convertible preferred shares for $10 000. The shares are convertible to common at a rate of two common shares for one preferred share. On August 19, 2021, fifty of the preferred shares were converted to common. On, September 16, 2021, Mr. Plow Ltd. bought back 50 shares of its common stock. The shares were originally sold at a price of $36 per share and were bought back at a price of $35 per share. On October 24, 2021, Mr. Plow Ltd. declared the regular dividend on the preferred shared, payable on November 21 to shareholders of record as of November 7. On December 1, Mr. Plow Ltd. declared a 10% stock dividend on the common shares, to be distributed on December 30 to shareholders of record on December 16. The market value per share was $37 on December 1 and $38.50 on December 30. Required: 1. The entry to record the IPO. Required: 1. The entry to record the IPO. 2. The year-end closing entries for 2020. 3. The entry to record the issue of the additional common shares. 4. The entry to record the issue of the preferred shares. 5. The entry to record the conversion of the preferred shares. 6. The entry to record the repurchase of common shares. 1 Page 7. The entries to record the declaration and payment of the preferred dividend. (Note: be sure to track the number of shares ) 8. The entries to record the declaration and distribution of the common stock dividend. (Note: be sure to track the number of shares o) Please note: All entries are to be recorded in the books of Mr. Plow Ltd. You may skip explanations but please be sure to show your supporting calculations. Your solutions should be hand-written. Please note: All entries are to be recorded in the books of Mr. Plow Ltd. You may skip explanations but please be sure to show your supporting calculations. Your solutions should be hand-written. GENERAL JOURNAL Accounts Page Credit Date Debit GENERAL JOURNAL Accounts Page Credit Date Debit