Jackson Inc. is authorized to issue an unlimited number of common shares and 15,000, $58 stated value preferred shares, with 9% cumulative dividends. On Jan 1, 2020, Jackson Inc. issued 1000 common shares for $40 per share, and 300 preferred shares for $70 per share.

Required:

1. How much cash did Jackson Inc. raise on the issuance of the common shares?

2. How much cash did Jackson Inc. raise on the issuance of the preferred shares?

3. Assuming retained earnings is $120,000 at December 31, 2020. What is the total amount of shareholders equity to be reflected in the December 31, 2020 statement of financial position of Jackson Inc?