Bramble Corp reported the following amounts in the shareholders equity section of its December 31, 2016 statement of financial position Preferred shares, $7 dividend (8,000 shares authorized, 1,800 shares issued) $198,000 Common shares (unlimited authorized, 20,000 issued) 480,000 Contributed surplus 41,700 Retained earnings 280,000 Accumulated other comprehensive income 70,000 Total $1,069,700 During 2017, the company had the following transactions that affect shareholders equity 1 Paid the annual 2016 $7 per share dividend on preferred shares and a $4 per share dividend on common shares These dividends had been declared on December 31, 2016 2 Purchased 4,100 shares of its own outstanding common shares for $30 per share and cancelled them 3 Issued 1,000 shares of preferred shares at $109 per share (at the beginning of the year) 4 Declared a 20 stock dividend on the outstanding common shares when the shares were selling for $47 per share 5 Issued the stock dividend 6 Declared the annual 2017 $7 per share dividend on preferred shares and a $3 per share dividend on common shares These dividends are payable in 2018 The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares Total assets at December 31, 2016, were $2,140,000, and total assets at December 31, 2017 were $2,616,000 The company follows IFRS a) Prepare journal entries to record the transactions above (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) b) Prepare the statement of changes in shareholders equity for the year ended December 31, 2017 Assume 2017 net income was $470,000 and comprehensive income was $480,000 (Enter negative amounts using either a negative sign preceding the number e g 45 or parentheses e g (45) ) c) Prepare the December 31, 2017 shareholders equity section d) Calculate the rate of return on common shareholders equity and the rate of return on total assets for 2017 (Round percentage answers to 2 decimal places, e g 52 75 )

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Bramble Corp. reported the following amounts in the shareholders equity section of its December 31, 2016 statement of financial position: Preferred shares, $7 dividend (8,000

Bramble Corp. reported the following amounts in the shareholders equity section of its December 31, 2016 statement of financial position:

Preferred shares, $7 dividend (8,000 shares authorized, 1,800 shares issued)		$198,000
Common shares (unlimited authorized, 20,000 issued)		480,000
Contributed surplus		41,700
Retained earnings		280,000
Accumulated other comprehensive income		70,000
Total		$1,069,700

During 2017, the company had the following transactions that affect shareholders equity.

1.		Paid the annual 2016 $7 per share dividend on preferred shares and a $4 per share dividend on common shares. These dividends had been declared on December 31, 2016.
2.		Purchased 4,100 shares of its own outstanding common shares for $30 per share and cancelled them.
3.		Issued 1,000 shares of preferred shares at $109 per share (at the beginning of the year).
4.		Declared a 20% stock dividend on the outstanding common shares when the shares were selling for $47 per share.
5.		Issued the stock dividend.
6.		Declared the annual 2017 $7 per share dividend on preferred shares and a $3 per share dividend on common shares. These dividends are payable in 2018.

The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Total assets at December 31, 2016, were $2,140,000, and total assets at December 31, 2017 were $2,616,000. The company follows IFRS.

a) Prepare journal entries to record the transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

b) Prepare the statement of changes in shareholders equity for the year ended December 31, 2017. Assume 2017 net income was $470,000 and comprehensive income was $480,000. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

c) Prepare the December 31, 2017 shareholders equity section.

d) Calculate the rate of return on common shareholders equity and the rate of return on total assets for 2017. (Round percentage answers to 2 decimal places, e.g. 52.75%.)