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QUESTION 5 (16 minutes; 9 marks):

Queenstown Corporation issues 4,000, $4 cumulativepreferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2020. Each preferred share is convertible into four common shares. During the years 2020 and 2021, the following transactions affected Queenstown Corporations shareholders equity accounts:

2020

Dec. 10 Declared and paid $12,000 of annual dividends to preferred shareholders.

2021

Dec. 10 Declared and paid the annual dividend to preferred shareholders and a $4,000 dividend to common shareholders.

Dec. 21 The preferred shares were converted into common shares.

Required:

a) Journalize each of the 2020 and 2021 transactions.

b) After the preferred shares are converted, what is the total number of common shares issued?