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King Street Inc. was authorized to issue 66,000 $5.50 non-cumulative preferred shares and an unlimited number of common shares. The company's fiscal year end is

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King Street Inc. was authorized to issue 66,000 $5.50 non-cumulative preferred shares and an unlimited number of common shares. The company's fiscal year end is December 31. May 3 During 2019, their first year of operations, the following selected transactions occurred: January 3 Issued 11,000 common shares at $7.75 each for cash. 9,000 preferred shares and 8,000 common shares were issued at $22.00 and $9.00 respectively, for cash. October 14 1,600 preferred shares were issued in exchange for a van with a fair value of $23,000. December 15 The company declared the required cash dividend on the preferred shares and a $2 per common share cash dividend payable on January 30, 2020 to the shareholders of record of January 20, 2020. Required: Prepare journal entries to record the above 2019 transactions. (12 marks) Pop Stop Company began operations on January 1, 2019 by issuing 54,000 common shares at $13 per share and 26,000 $8 cumulative preferred shares at $20 per share. During 2019 Pop Stop issued an additional 8,000 common shares at $11 per share and 2,000 preferred shares at $30 per share. 2019 profit was $355,000 and the Board declared $81,000 in dividends. Required: Prepare the Shareholders' Equity section of Pop Stop's Balance Sheet at December 31, 2019. (8 marks) The following equity balances were reported for Star Co. on December 31, 2019: Common shares, 50,000 shares issued Retained earnings Total equity $1,480,000 225,600 $ 1.705.600 On January 26, 2020 the board of directors declared a 5% stock dividend to the shareholders of record on February 12 to be distributed on February 28. The market price of the shares on January 26 was $8.00. On July 4, 2020 the board of directors declared a 2.1 stock split. Required: a. Prepare the journal entries required for the above transactions. (5 marks) b. What is the total number of common shares issued and outstanding at December 31. 2020? (Show your calculations)

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