On January 1, 2020, Sarasota Ltd. (a public company) had the following shareholders equity accounts:

Preferred shares, $5 noncumulative, unlimited number authorized, none issued			0
Common shares, unlimited number authorized, 830,000 issued		$	4,150,000
Retained earnings			1,384,000
Accumulated other comprehensive income			149,000

The following selected transactions occurred during 2020:

Jan. 2		Issued 120,000 preferred shares at $100 per share.
Mar. 5		Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 1.
Apr. 18		Issued 150,000 common shares at $10 per share.
June 5		Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1.
Sept. 5		Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1.
Dec. 5		Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1.
Dec. 31		Net income for the year was $420,000.

Prepare journal entries to record the transactions above, as well as the closing entries for Income Summary and Dividends. (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. Record journal entries in the order presented in the problem.)

Enter beginning balances and post the entries to the shareholders' equity and dividends T accounts and arrive at the ending balances. (Post entries in the order of journal entries presented in the previous part.)

Prepare the statement of changes in shareholders equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Sarasota Ltd. Statement of Changes in Shareholders' Equity choose the accounting period For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020
		Preferred Shares				Common Shares
		Number of Shares		Share Capital		Number of Shares		Share Capital		Retained Earnings		Accumulated Other Comprehensive Income		Total
Balance Jan, 1, 2020		enter a dollar amount		$enter a dollar amount		enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Issued preferred shares		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Issued common shares		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Declared dividends		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Net earnings		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Balance, December 31, 2020		enter a total amount		$enter a total amount		enter a total amount		$enter a total amount		$enter a total amount		$enter a total amount		$enter a total amount

Prepare the shareholders equity section of the SFP at December 31.

Sarasota Ltd. Statement of Financial Position (Partial) choose the accounting period For the Year Ended December 31, 2020December 31, 2020For the Month Ended December 31, 2020
select an opening section name Share CapitalTotal Share CapitalTotal Shareholders EquityShareholders' Equity
select an opening subsection name Shareholders' EquityTotal Share CapitalTotal Shareholders EquityShare Capital
enter a balance sheet item		$enter a dollar amount
enter a balance sheet item		enter a dollar amount
select a closing subsection name Shareholders' EquityTotal Share CapitalTotal Shareholders EquityShare Capital		enter a total of the two previous amounts
enter a balance sheet item		enter a dollar amount
enter a balance sheet item		enter a dollar amount
select a closing section name Shareholders' EquityTotal Share CapitalTotal Shareholders EquityShare Capital		$enter a total amount for this section

eTextbook and Media

List of Accounts

Prepare the financing activities section of the statement of cash flows for the year ended December 31. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Sarasota Ltd. Cash Flow Statement (Partial) choose the accounting period For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020
Financing activities:
select an item Payment of preferred dividendsPayments on repurchase of common sharesPayment for redemption of preferred sharesProceeds from issue of preferred sharesProceeds from issue of common shares		$enter a dollar amount
select an item Payment of preferred dividendsPayments on repurchase of common sharesPayment for redemption of preferred sharesProceeds from issue of preferred sharesProceeds from issue of common shares		enter a dollar amount
select an item Payment of preferred dividendsPayments on repurchase of common sharesPayment for redemption of preferred sharesProceeds from issue of preferred sharesProceeds from issue of common shares		enter a dollar amount
Cash select an option used inprovided by financing activities		$enter a total amount