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Question 4 of 10 View Policies Current Attempt in Progress - / 10 Wildhorse Inc. was formed on July 1, 2020. It was authorized to issue an unlimited number of common shares and 100,000 cumulative and non-participating preferred shares carrying a $1.80 dividend. The company has a July 1 to June 30 fiscal year. The following information relates to the company's shareholders' equity account. Common Shares Before the 2022-2023 fiscal year, the company had 122,000 outstanding common shares issued as follows: 1. 2. 3. 106,000 shares issued for cash on July 1, 2020, at $35 per share. 5,000 shares exchanged on July 24, 2020, for a plot of land that cost the seller $70,000 in 2010 and had an estimated fair value of $194,000 on July 24, 2020. 11,000 shares issued on March 1, 2021; the shares had been subscribed for $52 per share on October 31, 2020. Oct. 1, 2022 30, 2022 Dec 15, 2022 June 20, 2023 Preferred Shares Subscriptions were received for 11,000 shares at $57 per share. Cash of $108,300 was received in full payment for 1,900 shares and share certificates were issued. The remaining subscription for 9, 100 shares was to be paid in full by September 30, 2023, and the certificates would then be issued on that date. The company purchased 3, 100 of its own common shares on the open market at $44 per share. These shares were restored to the status of authorized but unissued shares. The company declared a 5% stock dividend at the fair value of the shares for shareholders of record on January 15, 2023, to be issued on January 31, 2023. The company's common shares were selling at $55 per share on December 15, 2022. The company sold 610 of its own common shares for $23,180. The company issued 61,000 preferred shares at $46 per share on July 1, 2020. 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 company's first year and up until June 30, 2023: Declaration Date Dec 15, 2021 June 6, 2022 Dec 15, 2022 Common Shares $0.30 per share $0.30 per share Preferred Shares $2.70 per share* $0.90 per share $0.90 per share *Includes dividend arrears of $1.80 from the 2020-2021 fiscal year No cash dividends were declared to common shareholders during June 2023 due to the company's liquidity problems. Retained Earnings As at June 30, 2022, the company's Retained Earnings account had a balance of $745,000. For the fiscal year ended June 30, 2023, the company reported net income of $51,000. Prepare the shareholders' equity section of the company's SFP as at June 30, 2023, as it should appear in its annual report to the shareholders. (Enter nqative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round average price per share to 2 decimal places, e.g. 12.52 and the final answers to O decimal places, e.g. 5,125.) WILDHORSE INC. Balance Sheet (Partial) eTextbook and Media List of Accounts Prepare the journal entries for the 2022-2023 fiscal year. (List all debit entries before credit entries. 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 O for the amounts. Record entries in the order displayed in the problem statement) Date eTextbook and Media List of Accounts Save for Later Account Titles and Explanation (To record issuance offully paid shares) (To record subscriptions receivable) Debit Attempts: O of 5 used Cre Submit Answer