Dallas Glynn incorporated X-cell Inc. on May 1, 2014. They are authorized to issue an unlimited number of common shares and 20,000, $1.00 non- cumulative preferred shares. During May, the following equity transactions occurred: a. Issued 12,000 common shares at $4.00 per share for cash. b. Issued 10,000 preferred shares at $13.20 per share for cash. C. X-cell Inc. reported net income for the month of $136,000, and declared total cash dividends of $70,000 to shareholders of May 31, 2014 payable June 15, 2014 a) Using the information provided above and the following May 31, 2014 selected adjusted account balances prepare the statement of changes in equity for the month ended May 31, 2014 along with the May 31, 2014 classified balance sheet. The list of accounts is incomplete, you will have to add several accounts based on the information provided above. Account Balance (select one) Accounts Payable 13,000 Statement of Changes in Equity Accumulated Depreciation, Automobiles 1,500 (select one) Accumulated Depreciation, Equipment 3,500 Common Preferred Retained Total Advertising Payable 16,000 Shares Shares Earnings Equity Automobiles 55,000 Bonds Payable (due September, 2022) 32,000 Cash 81,000 Equipment 25,000 Interest Receivable 13,000 (select one) land 145 000 The list of accounts is incomplete, you will have to add several accounts based on the information provided above. Account Balance (select one) Accounts Payable 13,000 Statement of Changes in Equity Accumulated Depreciation, Automobiles 1,500 (select one) Accumulated Depreciation, Equipment 3,500 Common Preferred Retained Total Advertising Payable 16,000 Shares Shares Earnings Equity Automobiles 55,000 Bonds Payable (due September, 2022) 32,000 Cash 81,000 Equipment 25,000 Interest Receivable 13,000 (select one) Land 145,000 Balance Sheet Long-term Investment in Shares 65,000 (select one) Mortgage Payable (due September, 2022). 24,000 Short-Term Notes Payable 37,000 Supplies 59,000 | X X X X X b) Use your above answer to answer each of the following questions: What percentage of the total assets are equity financed? What percentage of X-cell Inc. is financed by debt? The common shareholders own what percentage of the total assets? What percentage of the assets are financed by the preferred shareholders