On 2 January 20X1, Potter Corp was incorporated in the Province of Ontario. It was authorized to issue an unlimited number of no-par value common shares, and
10,000 share of no-par $7, cumulative and nonparticipating preferred shares. During 20X1 the firm completed the following transactions:
08-Jan	Accepted subscriptions for 30,000 common shares at $13 per share. Down payment on the subscribed shares totalled $160,000.
30-Jan	Issued 4,500 preferred shares in exchange for the following assets: machinery with a fair market value of $37,000, a factory with a fair market value
	of $120,000, and land with an appriased value of $275,000
15-Mar	Machinery with a fair market value of $56,000 as dontaed to the company
25-Apr	Collected the balance of the subscriptions receivable and issued common shares
30-Jun	Purchased 2,3000 common shares at $17 per share. The shares were retired.
31-Dec	Closed the income summary to retained earnings. The income for the period was $199,000.
31-Dec	Declared sufficient cash dividends to allow a $0.95 per share dividend for outstanding common shares. The dividend is payable on 10 January 20X2 to
	shareholders of record on 5 January 20X2.
Prepare the journal entries to record the above transactions.
Prepare a multicolumn statement of changes in equity that explains the change in each equity account.
Prepare the shareholders' equity section of the SFP for Potter at 31 December 20X1.

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