Exercise 15-12 Bridgeport Corp. reported the following amounts in the shareholders' equity section of its December 31, 2019 SFP: Preferred shares, $6 dividend (8,000 shares authorized, 2,200 shares issued) $231,000 Common shares (unlimited authorized, 24,000 issued) 576.000 Contributed surplus 73,600 Retained earnings 250,000 Accumulated other comprehensive income 80,000 Total $1,210,600 During 2020, the company had the following transactions that affect shareholders' equity. 1. Paid the annual 2019 $6 per share dividend on preferred shares and a $4 per share dividend on common shares. These dividends had been declared on December 31, 2019. 2. Purchased 4,000 shares of its its own outstanding common shares for $37 pers er share and cancelled them. 3. Issued 800 shares of preferred shares at $110 per share (at the beginning of the year). 4. Declared a 20% stock dividend on the outstanding common shares at their fair value when the shares were selling for $43 per share. 5. Issued the stock dividend. 6. Declared the annual 2020 $6 per share dividend on preferred shares and a $3 per share dividend on common shares. These dividends are payable in 2021. The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Total assets at December 31, 2019, were $2,140,000, and total assets at December 31, 2020 were $2,616,000. The company follows IFRS. Prepare journal entries to record the transactions above. (Credit account titles are automatically indented when the amount entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. Prepare the statement of changes in shareholders' equity for the year ended December 31, 2020. Assume 2020 net income was $480,000 and comprehensive income was $486,000. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parenthese e.g. (45).) Bridgeport Corp. Statement of Changes in Shareholders' Equity Preferred shares Common Shares Number Shares Accumulated Other Comprehensive Income Paid-in Number of shares Paid-in Contributed Surplus Retained Earnings Total Balance, January 1 Net income Other comprehensive income Comprehensive income Repurchase of common shares Issuance of preferred shares Issuance of common shares through stock dividend Cash dividend: - preferred - common Balance, December 31 SHOW LIST OF ACCOUNTS Prepare the December 31, 2020 shareholders' equity section. Bridgeport Corp. Shareholders' Equity SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Calculate the rate of retum on common shareholders' equity and the rate of return on total assets for 2020. (Round percentage answers to 2 decimal places, e.g. 52.75%.) Rate of return on common shareholders' equity Rate of return on total assets Is Bridgeport trading on the equity