Marigold Construction Ltd. reported the following information related to its shareholders' equity on January 1, 2021, the first day of its fiscal year.

$0.50-noncumulative preferred shares, unlimited number of shares authorized, 140,000 shares issued		$1,540,000
Common shares, unlimited number of shares authorized, 1,540,000 shares issued		4,651,000
Retained earnings		490,000

During the year, the following transactions relating to shares occurred.

1.		May 15, 2021, issued 5,000 preferred shares with a fair value of $11.50 per share for cash.
2.		Purchased a Caterpillar bulldozer on June 5, 2021 in exchange for a cash payment of $17,000 and issued 90,000 common shares with an estimated fair value of $3.15 per share. The fair value of the bulldozer was unavailable.
3.		On June 30, 2021, issued 4,100 preferred shares in exchange for legal services (Legal Fees Expense) in the amount of $52,000. The preferred shares had an estimated fair value of $11.60 on June 30, 2021.
4.		November 30, 2021, declared and paid $70,000 of dividends to the preferred shareholders.

The following operating information was provided for the year:

Service revenue		$800,000
Operating expenses		190,000
Miscellaneous expense		70,000
Office expense		120,000
Interest expense		10,000
Income tax paid in instalments		112,000
Income tax rate		30	%

Marigold Construction Ltd. follows ASPE.

Prepare a schedule showing all transactions for common shares and preferred shares and show the calculation of the average per share issued. (Round avearge cost to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places. e.g. 5,275.) Common Shares:

	Transaction		Proceeds		No. of shares		Average per share amount
Jan 1	Beginning balance		$
Jun 5	Issued shares
			$				$

Preferred Shares:

	Transaction		Proceeds		No. of shares		Average per share amount
Jan 1	Beginning balance		$
May 15	Issued shares
Jun 30	Issued shares
			$				$

eTextbook and Media

List of Accounts

Journalize each of the share transactions. (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
May 15
June 5
June 30
Nov. 30

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List of Accounts

Prepare a corporate income statement for the year ended December 31, 2021.

MARIGOLD CONSTRUCTION LTD. Income Statement Year ended December, 2021
				$
AddLess:
		$
Profit Before Income TaxRetained Earnings, January 1, 2021Cash Dividends - PreferredRetained Earnings, December 31, 2021Gross RevenueProfit From OperationsProfit / (Loss)Cash Dividends - Common
AddLess:
Profit / (Loss)Retained Earnings, January 1, 2021Cash Dividends - CommonGross RevenueCash Dividends - PreferredProfit From OperationsRetained Earnings, December 31, 2021Profit Before Income Tax
Profit / (Loss)Cash Dividends - PreferredCash Dividends - CommonProfit Before Income TaxRetained Earnings, December 31, 2021Retained Earnings, January 1, 2021Profit From OperationsGross Revenue				$

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List of Accounts

Prepare the entry to record income tax expense for the year. (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
Dec. 31, 2021
	(To accrue income tax expense.)

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List of Accounts

Prepare journal entries to close revenue and expenses to the Income Summary account. (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
Dec. 31
	(To close revenue account.)
Dec. 31
	(To close expense accounts.)

Close the Income Summary and Dividends accounts at December 31, 2021 (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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31 (To close Income Summary.) Dec. 31 (To close dividends.) eTextbook and Media List of Accounts Prepare a statement of retained earnings for the year ended December 31, 2021 (List items that increase retained earnings first.) MARIGOLD CONSTRUCTION LTD. Statement of Retained Earnings Year ended December 31, 2021 $