Concord Inc. was formed on July 1, 2017. It was authorized to issue an unlimited number of common shares and 100,000 shares of cumulative and non-participating preferred shares carrying a $2.00 dividend. The company has a July 1 to June 30 fiscal year. The following information relates to the companys shareholders equity account. Common Shares Before the 201920 fiscal year, the company had 105,000 outstanding common shares issued as follows:

1.		89,000 shares issued for cash on July 1, 2017, at $29 per share
2.		4,400 shares exchanged on July 24, 2017 for a plot of land that cost the seller $61,600 in 2007 and had an estimated fair value of $193,600 on July 24, 2017
3.		11,600 shares issued on March 1, 2018; the shares had been subscribed for $35 per share on October 31, 2017

		Oct. 1, 2019		Subscriptions were received for 8,800 shares at $40 per share. Cash of $64,000 was received in full payment for 1,600 shares and share certificates were issued. The remaining subscription for 7,200 shares was to be paid in full by September 30, 2020 and the certificates would then be issued on that date.
		Nov. 30, 2019		The company purchased 1,400 of its own common shares on the open market at $38 per share. These shares were restored to the status of authorized but unissued shares.
		Dec. 15, 2019		The company declared a 5% stock dividend at the fair value of the shares for shareholders of record on January 15, 2020 to be issued on January 31, 2020. The companys common shares were selling at $49 per share on December 15, 2019.
		June 20, 2020		The company sold 440 of its own common shares for $18,040.

Preferred Shares The company issued 44,000 preferred shares at $42 per share on July 1, 2017. 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, 2020:

Declaration Date		Common Shares		Preferred Shares
Dec. 15, 2018		$0.30 per share		$3.00 per share*
June 6, 2019		$0.30 per share		$1.00 per share
Dec. 15, 2019				$1.00 per share
*Includes dividend arrears of $2 from the 201718 fiscal year

No cash dividends were declared to common shareholders during June 2020 due to the companys liquidity problems. Retained Earnings As at June 30, 2019, the companys Retained Earnings account had a balance of $660,000. For the fiscal year ended June 30, 2020, the company reported net income of $34,000.

Prepare the shareholders equity section of the companys SFP as at June 30, 2020, as it should appear in its annual report to the shareholders. (Enter negative 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 0 decimal places, e.g. 5,125.)

Concord Inc. Balance Sheet (Partial) June 30, 2020For the Month Ended June 30, 2020For the Year Ended June 30, 2020
Total Share Capital and Retained EarningsRetained EarningsTotal Share CapitalShare CapitalTotal Shareholders Equity
Retained Earnings UnappropriatedCommon SharesCommon Shares SubscribedShare Subscriptions ReceivablePreferred SharesRetained Earnings AppropriatedContributed SurplusAccumulated other comprehensive income				$
Retained Earnings AppropriatedCommon SharesCommon Shares SubscribedAccumulated other comprehensive incomePreferred SharesShare Subscriptions ReceivableContributed SurplusRetained Earnings Unappropriated		$
Common Shares SubscribedAccumulated other comprehensive incomeCommon SharesShare Subscriptions ReceivableContributed SurplusRetained Earnings UnappropriatedPreferred SharesRetained Earnings Appropriated
Total Share CapitalTotal Share Capital and Retained EarningsTotal Shareholders EquityRetained EarningsShare Capital
Retained EarningsTotal Share Capital and Retained EarningsTotal Shareholders EquityTotal Share CapitalShare Capital
Total Share CapitalTotal Share Capital and Retained EarningsShare CapitalRetained EarningsTotal Shareholders Equity
AddLess: Common SharesCommon Shares SubscribedRetained Earnings UnappropriatedAccumulated other comprehensive incomeRetained Earnings AppropriatedPreferred SharesShare Subscriptions ReceivableContributed Surplus
Total Share CapitalTotal Shareholders EquityShare CapitalRetained EarningsTotal Share Capital and Retained Earnings				$

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List of Accounts

Prepare the journal entries for the 201920 fiscal year. (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.)

Date	Account Titles and Explanation	Debit	Credit
Oct. 1, 2019
	(To record issuance of fully paid shares)
	(To record subscriptions receivable)
Nov. 30, 2019
Dec. 15, 2019
Jan. 2020
Jan. 31, 2020
June 20, 2020