Oregano Inc was formed on July 1,2020. It was authorized to issue an unlimited number of common shares and 100,000 cumulative and non-participating preferred shares carrying a $2.00 dividend. The company has a July 1 to June 30 fiscal year. The following information relates to the company's shareholders' equity account. Common Shares Before the 20222023 fiscal year, the company had 110,000 outstanding common shares issued as follows: 1. 95,000 shares issued for cash on July 1,2020, at $31 per share. 2. 5,000 shares exchanged on July 24,2020 , for a plot of land that cost the seller $70,000 in 2010 and had an estimated fair value of $220.000 on July 24,2020 3. 10,000 shares issued on March 1.2021 , the shares had been subscribed for $42 per share on October 31,2020. Oct. 1.2022 Subscriptions were received for 10000 shares at $46 per share. Cash of $92,000 was received in full payment for 2,000 shares and share certificates were issued. The remaining subscription for 8.000 shares was to be paid in full by september 30,2023 , and the certificates would then be issued on that date. Nov. 30,2022 The company purchased 2,000 of its own common shares on the open market at $39 per share these shares were restored to the status of authorized but unissued shares. Dec, 15, 2022 The company declared a 5Nistock dividend at the fair value of the shares for shareholders of record on January 15.2023 , to be issued on January 31.2023 . The cornpary s common shares were selling at 552 per share on December 15.2022 Preferred Shares The company issued 50,000 preferred shares at $44 per share on July 1.2020. Cash Dividends The company has followed a schedule of declaring castidividends each year in December and June and making the payment to shareholders of record in the following month. The cash dividend declarations have been as follows since the company's first year and up until June 30, 2023: Aincludes dividend arrears of $2.00 from the 20202021 fiscal year No cash dividends were declared to comman shareholders duing June 2023 due to the compamys liquidity oroblems Retained Eamings comparyreported net income of $40000 Prepare the shareholders' equity section of the company's SFP as at June 30,2023 , as it should appear in its annual report to the shareholders. (Enter negative amounts using either a negative sign precefing the number es - 45 or parantheses eg. (45). Round average price per share to 2 decimal places, eg. 12.52 and the final answers to 0 decimal places, es:5,125. Prepare the joumal entries for the 2022-2023 fiscal year. (List all debit entries before credit cntries. Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is requlred, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement)
