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ACCT 103A-W2021 Bam 22 - Part 2 (Short Answer) Short Answer Total Marks 42 Multiple Choice Total Marks/25 Question 1 Johnson & Smith Inc. ended 2019 with Retained Earnings of $100,000. During 2020, the company earned net Income of $165,000 and dedared dividends of $35,000. The company ended 2019 with $40,000 in common shares and $20,000 in $1 preferred shares. Additional common shares were sold in 2020 for $20,000. Required: Complete Johnson & Smith Inc.'s statement of shareholders' equity for the year ended December 31, 2020. (7 Marks) Johnson & Smith Inc. Statement of Shareholders' Equity For the Year Ended December 31, 2020 Total Shareholders Common Shares Preferred Shares Retained Earnings Equity Balance, December 31, 2019 Balance December 312020