Preferred shares, 5,000 shares issued and outstanding Common shares, no par value, 50,000 shares issued and outstanding $1.50 no par value, cumulative 25,000 shares authorized 60 $300,000 60,000 shares authorized 10.2 510,000 Total contributed capital Retained earnings Total shareholders' equity Instructions a) 810,000 340,000 $1,150,000 b) aragraph Record the following transactions which occurred consecutively this year. Show all calculations. i. There are no dividends in arrears. A total cash dividend of $95,000 ii. was declared. The preferred shares are participating to a maximum of 8% Record dividends payable to common and preferred shares in separate accounts 5% common stock dividend was declared. The current market value of the common shares is $18 a share iii. Net income for the year was The $250,000 Record the closing entry Incorporating all the above information, construct the shareholders' equity section of the SFP BI UA 80 +v RA GOO