Cinefilm (CF) is an entertainment and media company established in 1982 by two brothers in Toronto. CF has grown into a large, nationally recognized company that is publicly traded on the TSX with the symbol CF. CF has three operating segments: movie theatres, streaming content, and advertising. The CFO and accounting department are currently analyzing the following issues in preparing the year-end financial statements.

c) On December 1, 2023, the company reacquired 210,000 common shares at a price of $60 per share. Prior to the acquisition, the shareholders equity section of the SFP was as follows: Preferred shares (250,000 authorized, 250,000 issued) cumulative dividend of $1 per share $ 2,500,000 Common shares (unlimited authorized, 9,500,000 issued) 228,000,000 Contributed surplus, common share retirement 545,000 Retained earnings 125,575,000

d) On December 31, 2023, the board of directors declared a total dividend of $714,500 to be paid out to the preferred and common shareholders.