Problem 11.4A Shareholders' Equity L.O. 4,5 Early in the year Bill Barnes and several friends organized a corporation called Bares Communications Limited. The corporation was authorized to issue 50,000 shares of $100 par value 10 percent cumulative preference shares and 400.000 shares of 52 par value ordinary shares the following transactions among others) occurred during the year, Jan. 6 issued for cash 20,000 shares of ordinary shares at $14 per share. The shares were issued to Dames and 10 other inwestors Jan. 7 issued an additional 500 shares of ordinary shares to Bames in exchange for his services in organizing the corporation. The shareholders agreed that these services were worth $7.000 Jan 12 issued 2.500 shares of preference shares for cash of $250,000 June 4 Acquired and as a building site in exchange for 15,000 shares of ordinary shares in view of the appraised value of the land and the progress of the company the directors agreed that the ordinary shares was to be valued for purposes of his transaction at $15 pershane Nov 15 The first anual dividend of $10 per he was declared on the preference shares to be paid December 20. nt Record the dividend by debiting Dividends and crediting Dividends Payable) Dec 20 Pad the cash dividend declared on November 15 Dec 31 After the revenue and expenses were closed into the income Summary account that account indicated a profit of $147.200 a. Preparemalonin alural form to record the above a nd includer t December 31 to close the income Summary account and the Dividends account the signin your response) General Journal Credit 280000 40.000 Ados- indian 240.000 Click to Additional pain capital: Ordinary shares 1.000 6000 12 250000 Cash Click to select 250000 225000 Click to select Additional din capital Ordinary shares 30.000 195.000 Nov 15 25000 Dividends Dividends payable 25000 Dec 20 Dividends payable 25000 25000 31 income summary 147200 147200 31 R ecaminos 25000 Click to Prepare the shad y section of the Bames Communications Limited to and position December 31 Negative amounts should be indicated by a mission Leven blank becertain to wherever required. Omit the "S" sign in your response BARNES COMMUNICATIONS LIMITED Partia Sument of Financial Position December 31, 20 Total pidin capital Retained earrings Retained comings January 1, 20 Click to set Click to select Retained eamings at December 31, 20__ Total shareholders' equity