Hi. I'm having trouble with Exercise 15-12 for Intermediate Financial Accounting re Shareholder's Equity. The questions is attached. I think that I'm ok with the Journal Entries, but everything else I am struggling with.

Thanks,

9/22/2017 Exercise 15-12 Print by: MELISSA MORROW ACCT 316 OP51 / Chapter 15 Assignment *Exercise 15-12 Bramble Corp. reported the following amounts in the shareholders' equity section of its December 31, 2016 statement of financial position: Preferred shares, $7 dividend (8,000 shares authorized, 1,800 shares issued) Common shares (unlimited authorized, 20,000 issued) $198,000 480,000 Contributed surplus 41,700 Retained earnings 280,000 Accumulated other comprehensive income 70,000 $1,069,700 Total During 2017, the company had the following transactions that affect shareholders' equity. 1. Paid the annual 2016 $7 per share dividend on preferred shares and a $4 per share dividend on common shares. These dividends had been declared on December 31, 2016. 2. Purchased 4,100 shares of its own outstanding common shares for $30 per share and cancelled them. 3. Issued 1,000 shares of preferred shares at $109 per share (at the beginning of the year). 4. Declared a 20% stock dividend on the outstanding common shares when the shares were selling for $47 per share. 5. Issued the stock dividend. 6. Declared the annual 2017 $7 per share dividend on preferred shares and a $3 per share dividend on common shares. These dividends are payable in 2018. The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Total assets at December 31, 2016, were $2,140,000, and total assets at December 31, 2017 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 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 1. 2. 3. 4. 5. 6. Prepare the statement of changes in shareholders' equity for the year ended December 31, 2017. Assume 2017 net income was $470,000 and comprehensive income was $48 amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Bramble Corp. Statement of Changes in Shareholders' Equity Preferred shares Number of Shares Balance, January 1 Paid-in $ Common Shares Number of shares Paid-in $ Contributed Surplus $ Retained Earnings $ Net income Other comprehensive income Comprehensive income Repurchase of common shares Issuance of preferred shares Issuance of common shares through stock dividend https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 1/2 9/22/2017 Exercise 15-12 Cash dividend: - preferred - common Balance, December 31 $ $ $ $ Prepare the December 31, 2017 shareholders' equity section. Bramble Corp. Shareholders' Equity $ $ Calculate the rate of return on common shareholders' equity and the rate of return on total assets for 2017. (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 Bramble trading on the equity? Question Attempts: 0 of 3 used Copyright 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved. https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 2/2