Noble Fir Inc. had the following shareholders$$ equity account balances on January $1,2022$:

Common shares, unlimited authorization,

$240,000$ shares issued $$1,885,000$

Preferred shares $-$ $$2\mathrm{.}25$ cumulative,

$100,000$ shares authorized, $25,000$ issued $$765,000$

Contributed Surplus $($Credit balance$)$ $ $45,000$

Retained earnings $$1,250,000$

All shares were issued between $2017$ and $2020.$ The last time the company declared and paid any

dividends was December $31,2020.$ All preferred dividends were satisfied on that date. The contributed

surplus arose from past common share transactions. The following transactions took place during $2022$:

$1.$ On January $1,$ the company issued $30,000$ common shares and received $$285,000.$

$2.$ On April $1$st$,$ the company acquired a piece of land in exchange for common shares. The land had a

fair value of $250,000.$ The company issued $20,000$ common shares.

$3.$ On June $30$th$,$ the company declared and distributed a common stock dividend of $4\%.$ The market

value on June $30$th was determined to be $$12\mathrm{.}00$ per share,

$4.$ On September $1$st$,$ the company bought back and cancelled $10,000$ of its common shares for $$11\mathrm{.}50.$

per share.

$5.$ On October $1$st$,$ the company issued $30,000$ common shares and $10,000$ preferred shares for cash.

The cash proceeds received totaled $$670,000.$ The fair value of the common shares was deemed to

be $$12\mathrm{.}75$ per share on October $1$st$.$

$6.$ On November $1$st$,$ the company bought back $15,000$ shares from one of the original shareholders

and the founder of the company. The company paid $$16\mathrm{.}00$ per share.

$7.$ On December $1$st$,$ the company$$s board of directors declared cash dividends on both the preferred

and common shares. The total amount of cash allocated for dividend distribution was $$500,000.$

$8.$ On December $20$th$,$ the cash dividend was paid to the shareholders.

$9.$ Net income for the year was $$750,000.$

 

 

Required:

$1.$ Prepare any journal entries for the above noted transactions$/$events for $2022.$ While no

explanations are required, calculations must be provided. If no entry is required, state so and

explain why.

$2.$ Provide the balance at December $31$st$,2022$ for the following accounts:

a$.$ Common shares

b$.$ Preferred shares

c$.$ Retained earnings

d$.$ Contributed surplus