Major Communications Ltd., a publicly traded company that specializes in data capture, has been in operation for several years. On October 1, 2019, it had 10 million common shares authorized and 1,360,000 shares issued at an average value of $27 per share. As well, there were 1 million preferred shares authorized, with 190,000 of them issued at $15 per share. During the fiscal year ended September 30, 2020, the company generated net income after taxes of $22,570,000 and other comprehensive loss of $4,970,000. On October 1, 2019, the balance in Retained Earnings was $18,760,000 and the balance in Accumulated Other Comprehensive Income was $1,040,000. The preferred shares pay an annual dividend of $1.30. During the fiscal year 2020, the following transactions affected shareholders' equity: 1. 2. On November 1, 2019, 370,000 new common shares were issued at $29 per share. On March 15, 2020, a 5% common stock dividend on the outstanding shares was declared and distributed when the market price was $45 per share. On September 1, 2020, a dividend of $5.30 per common share was declared. The date of record was September 15, 2020, with the date of payment being October 5, 2020. The preferred dividend for the year was declared and paid. 3. 4. Prepare the statement of changes in shareholders' equity as at September 30, 2020. (If an amount reduces the account balance then enter with negative sign, e.g. -15,000 or in parenthesis, eg. (15,000).) Statem Number of common shares Common shares $ Number of preferred shares Oct. 1, 2019 1360000 36720000 Common shares issued 370000 10730000 Stock dividend - common shares 86500 3892500 Common cash dividends i Preferred cash dividend Net income Other comprehensive loss Sept. 30, 2020 1816500 $ 51342500 Prepare the statement of changes in shareholders' equity as at September 30, 2020. (If an amount reduces the account balance then enter with negative sign, e.g.-15,000 or in parenthesis, e.g. (15,000).) Major Communications Ltd. Statement of Changes in Shareholders' Equity Year Ended September 30, 2020 Number of preferred Preferred shares shares 190000 $ Retained earnings $ Accumulated comprehensivi income $ $ 2850000 $ $ 18760000 i i -3892500 i -9627450 247000 22570000 i 190000 $ $ 2850000 $ $ 27563050 $ Prepare the statement of changes in shareholders' equity as at September 30, 2020. (If an amount reduces the account balance then enter with negative sign, e.g.-15,000 or in parenthesis, e.g. (15,000).) Equity Retained earnings $ Accumulated other comprehensive income Total 2850000 $ 18760000 $ $ 1040000 $ 59370000 10730000 -3892500 i -9627450 -9627450 247000 -247000 22570000 22570000 4970000 4970000 2850000 $ 27563050 $ 6010000 $ 87765550 Techland die Prepare the shareholders' equity section of the statement of financial position as at September 30, 2020. (Enter negative answers using either a negative sign preceding the number e.g. -5,125 or parentheses e.g. (5,125).) Major Communications Ltd. Shareholders' Equity September 30, 2020 Total Shareholders' Equity Common Shares $ 51342500 Preferred Shares 2850000 Total Share Capital 54192500 Retained Earnings 27563050 Accumulated Other Comprehensive Income 6010000 Total Shareholders' Equity $ $ 87765550
