Grouper Construction Ltd. reported the following information related to its shareholders' equity on January 1,2021 , the first day of its fiscal year. During the year, the following transactions relating to shares occurred. 1. May 15. 2021, issued 6.000 preferred shares with a fair value of $11.50 per share for cash. 2. Purchased a Caterpillar bulidozer on June 5,2021 in exchange for a cash payment of $18,000 and issued 90,000 common shares with an estimated fair value of $3.15 per share. The fair value of the bulldozer was unavallable. 3. On June 30. 2021, issued 4.100 preferred shares in exchange for legal services (Legal Fees Expense) in the amount of $52.000. The preferred shares had an estimated fair value of $11.60 on June 30,2021 . 4. November 30.2021, declared and paid $65,000 of dividends to the preferred shareholders. The following operating information was provided for the year: Grouper Construction Led. follows ASPE. Prepare a schedule showing all transactions for common shares and preferred shares and show the calculation of the average pet share issued. (Round avearge cost to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places. e.g. 5.275. ) Common Shares: Preferred Shares: Journalize each of the share transactions. (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 O for the amounts.) Prepare a corporate income statement for the year ended December 31, 2021. GROUPER CONSTRUCTION LTD. Income Statement Year ended December, 2021 $ $ Prepare the entry to record income tax expense for the 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 o for the amounts.) Prepare journal entries to close revenue and expenses to the Income Summary account. (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.) Close the Income Summary and Dividends accounts at December 31,2021 . (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 O for the amounts.) Prepare a statement of retained earnings for the year ended December 31, 2021. (List items that increase retained earnings first.)
