Exercise 8 The condensed, adjusted trial balance of the Kirby and Simon Partnership as at December 31, 2013, appears below: KIRBY AND SIMON PARTNERSHIP Adjusted Trial Balance December 31, 2013 Debit $ 25,000 80,000 Credit $ 7,000 44,000 26,000 270,000 18,000 245,000 Current assets... Property, plant, and equipment.. Current liabilities... Long-term debt.. Kirby, capital... Kirby, drawings.. Simon, capital.. Simon, drawings.. Service revenue... 593,000 Operating expenses. $688.000 68.000 $688.000 The partnership agreement stipulates that a division of partnership profit or loss is to be made as follows: 1. 2. A salary allowance of $310,000 to Kirby and $250,000 to Simon. The remainder is to be divided equally. P13-7A On January 1, 2014, Schipper Ltd. had the following shareholders' equity accounts: Common shares (1,000,000 issued) Retained earnings $1,500,000 1,800,000 The company was also authorized to issu an unlimited number of $4 noncumulative preferred shares. As at January 1, 2014, none had been issued. During 2014, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 100,000 preferred shares for $50 per share. Apr. 1 I Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Issued 100,000 common shares for $1.70 per share. July 1 Aug. 12 Oct. 1 Paid quarterly dividend to preferred shareholders and a 60.25 per share dividend to the common shareholders." Dec. 31 Loss for the year was $100,000. Instructions (a) Journalize the transactions and the entries to close dividends and the Income Summary account. Opoedgarasomis for bestiarabolders defies comuns deepeston pack(). (c) Prepare the shareholders' equity section of the balance sheet at December 31, 2014, including any required disclosures. Assume Schipper is reporting under ASPE.