Bramble Inc. was formed on July 1, 2014. It was authorized to issue an unlimited number of common shares and 100,000 shares of cumulative and non-participating preferred shares carrying a $2.20 dividend. The company has a July 1 to June 30 fiscal year. The following information relates to the companys shareholders equity account.

Prepare the shareholders equity section of the companys statement of financial position as at June 30, 2017, as it should appear in its annual report to the shareholders.

Prepare the journal entries for the 201617 fiscal year.

Common Shares Before the 201617 fiscal year, the company had 103,000 outstanding common shares issued as follows:

1.		87,000 shares issued for cash on July 1, 2014, at $27 per share
2.		4,200 shares exchanged on July 24, 2014 for a plot of land that cost the seller $58,800 in 2004 and had an estimated fair value of $184,800 on July 24, 2014
3.		11,800 shares issued on March 1, 2015; the shares had been subscribed for $33 per share on October 31, 2014

		Oct. 1, 2016		Subscriptions were received for 8,400 shares at $38 per share. Cash of $53,200 was received in full payment for 1,400 shares and share certificates were issued. The remaining subscription for 7,000 shares was to be paid in full by September 30, 2017 and the certificates would then be issued on that date.
		Nov. 30, 2016		The company purchased 1,200 of its own common shares on the open market at $36 per share. These shares were restored to the status of authorized but unissued shares.
		Dec. 15, 2016		The company declared a 5% stock dividend for shareholders of record on January 15, 2017 to be issued on January 31, 2017. The company was having a liquidity problem and could not afford a cash dividend at the time. The companys common shares were selling at $47 per share on December 15, 2016.
		June 20, 2017		The company sold 420 of its own common shares for $16,380.

Preferred Shares The company issued 42,000 preferred shares at $40 per share on July 1, 2014. Cash Dividends The company has followed a schedule of declaring cash dividends each year in December and June and making the payment to shareholders of record in the following month. The cash dividend declarations have been as follows since the companys first year and up until June 30, 2017:

Declaration Date		Common Shares		Preferred Shares
Dec. 15, 2015		$0.30 per share		$3.30 per share*
June 6, 2016		$0.30 per share		$1.10 per share
Dec. 15, 2016				$1.10 per share
*Includes dividend arrears of $2 from the 201415 fiscal year

No cash dividends were declared to common shareholders during June 2017 due to the companys liquidity problems. Retained Earnings As at June 30, 2016, the companys Retained Earnings account had a balance of $650,000. For the fiscal year ended June 30, 2017, the company reported net income of $32,000.