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16 21 20 29 3530 $ 100,000 F Lobstick Corporation Statement of Financial Position As at December 31, 2021 SHAREHOLDERS' EQUITY Share Capital Preferred Shares, $7.00, non-cumulative 85,000 shares authorized 10,000 shares issued and outstanding Common Shares Unlimited shares authorized 250,000 shares issued and outstanding Total share capital Contributed Surplus Retained Earnings Total Shareholders' Equity $ 500,000 $ 600,000 $ 75,000 $ 1,200,000 $1,875,000 What? 25 How many preferred shares are being traded in the market Timele 100 Oa 10,000 shares OD 85,000 shares OG 100,000 shares d. 250,000 shares ques Question 26 Noel and out 100 All of the following statements explain why perferred shaces ce listed first in the Statement of Financial Position, except for O2 After a company is liquidated (and creditors have been paie), preferred shareholders are next to receive a return of capital ob Listing preferred shareholders first better reflects the preferred shareholders rights as a shareholder of the corporation. OC Preferred shareholders have the right to vote at shareholder meetings. Od Preferred shareholders have the right to receive a dividend before common shareholders F Question Question 27 The Statement of Financial Position shows $7.00 attached to the preferred shares What does this mean? Note ed 27 The Statement of Financial Position shows 57.00 attached to the preferred shares What does this mean? out of Tag O a Preferred shares were sold for an average of $7.00 per share. O b. The fair market value (trade price) at preferred shares us at December 31* is 7.00 per share. O Preferred shares can be converted to common shares at a rate of 7.00 per preferred share being converted, Od Preferred shareholders will receive a dividend at a rate of $7.00 per preferred share held it and when the Board declares a dividend tion 28 What does the $1.200.000 retained earnings represent? mod dout of a. Shareholders have donated $1,200,000 in assets to the corporation in exchange for nothing in return Ob. The corporation has earned and retained $1,200,000 in profits since the business was legally incorporated that could otherwise have been paid out to shareholders as dividends. OG Shareholders have contributed $1,200,000 to the corporation in exchange for common shares. Od. The corporation has $1,200,000 in cash assets on the Statement of Financial Position an Next page