Question 1 The following shareholders' equity accounts are reported by Marx Inc. on January 1, 2018 Preferred shares ($ 6 Common shares (471,000 issued) Retained earnings Accumulated other comprehensive income cumulative, 6,600 issued) $660,000 3,768,000 2,136,000 25,000 The following selected transactions, given in chronological order, occurred during the year: Reacquired and retired 18,000 common shares for $12 per share. Issued 9,100 common shares for $14 per share. Issued 5,300 common shares in exchange for equipment. The fair value of the shares was $ 14 per share. The current value of the equipment could not be reliably determined. Issued 1,100 preferred shares for $100 per share. The annual preferred share cash dividend was declared and paid during the year Determined that the company had an other comprehensive loss of $5,100 arising from the reversal of a previously recorded revaluation gain on land. 1. 2. 3. 4. 5. 6