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please solve this Bruno Encanto Inc. had the following equity account balances at December 31, 2021: Preferred shares, $2.95, non-cumulative, Authorized: 22,000 shares, $42,000 Issued
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Bruno Encanto Inc. had the following equity account balances at December 31, 2021: Preferred shares, $2.95, non-cumulative, Authorized: 22,000 shares, $42,000 Issued and outstanding: 6,000 shares Common shares, Authorized: Unlimited, Issued and outstanding: 90,000 shares Retained earnings \begin{tabular}{r} $42,000 \\ \hline 304,618 \\ 44,600 \end{tabular} On February 1,2022,6,000 preferred shares were issued at $8.70 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30,2022 , and a 13% common share dividend was declared and distributed on the same day when the market price per common shares was $4.70. On October 1,2022,22,000 common shares were issued at $4.84 each. Profit earned during 2022 was $418,800. REQUIRED: Using the information provided, prepare the statement of changes in equity for the year ended December 31 , 2022. Show all calculations. \begin{tabular}{|l|l|l|l|l|} \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular}Step by Step Solution
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