Laramie Corporation, a publicly traded company, is authorized to issue 525,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2024, the general ledger contained the following shareholders' equity accounts: Preferred shares (6,300 shares issued) $441,000 Common shares (94,500 shares issued) 756,000 Contributed surplus 15,750 Retained earnings Accumulated other comprehensive income 630,000 5,250 The following equity transactions occurred in 2024: Jan. 4 Issued 31,500 common shares for $315,000. Apr. 15 29 May 17 Aug. 13 Dec. 16 31 Issued 12,600 preferred shares for $1,008,000. Repurchased and retired 10,500 common shares at $7.50 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semi-annual cash dividend to the preferred shareholders of record at June 14, payable July 5. Issued 26,250 common shares for $183,750. The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $1,020,600. Date Account Titles Jan. 4 Cash Common Shares Apr. 15 Cash Preferred Shares Apr. 29 Common Shares Cash Debit 315000 Credit 1008000 89250 315000 1008000 78750 10500 Contributed Surplus 37800 May 17 Dividends Declared 37800 June 14 July 5 Dividends Payable No Entry No Entry Dividends Payable Cash Aug. 13 Cash Common Shares Dec. 16 No Entry No Entry 0 37800 183750 37800 183750 0 (b) Date Account Titles and Explanation Debit Dec. 31 Income Summary Retained Earnings (To close net income/(loss)) Dec. 31 Retained Earnings Dividends Declared (To close dividends.) eTextbook and Media Solution List of Accounts Your answer is correct. 1020600 Credit 37800 1020600 37800 Assistance Used Attempts: unlimited Open T accounts and post to the shareholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) May 17 Dec. 31 Bal. Preferred Shares Jan. 1 Bal. 441000 Apr. 15 1008000 Dec. 31 Bal. 1449000 Dividends Declared 37800 Dec. 31 CE 37800 Accumulated Other Comprehensive Income Jan. 1 Bal. 5250 Dec. 31 Bal. 5250 Contributed Surplus Jan. 1 Bal 15750 Apr. 29 10500 Dec. 31 Bal. 26250 Common Shares Apr. 29 89250 Jan. 1 Bal 756000 Jan. 4 Aug. 13 315000 183750 Dec. 31 Bal. 1165500 Retained Earnings Dec. 31 CE 37800 Jan. 1 Bal. 630000 Dec. 31 CE 1020600 Dec. 31 Bal. 1612800 Prepare the statement of changes in equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Balance, Jan. 1 Issued preferred shares Issued common shares $ Preferred Shares Share Capital 441000 $ 1008000 Common Shares LARAMIE CORPORA Statement of Changes For the Year Ended December 756000 498750 Repurchased common shares Dividends declared Net income 0 Balance, Dec. 31 $ 1449000 Contributed Surplus 10 1176000 $ MIE CORPORATION nt of Changes in Equity ded December 31, 2024 Contributed Surplus 15750 $ 0 10500 Retained Earnings 630000 $ Accumulated Other Comprehensive Income 5250 $ Total 1848000 1008000 498750 (78750) -37800 1020600 -37800 1020600 26250 $ 1612800 $ 5250 $ 4258800