Quick Fix-it Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the government authorized the following no par value shares Common shares, 200,000 shares Preferred shares, 50,000 shares During January and February of this year, the following transactions were completed a Collected $80,000 cash from shareholders and issued 4,000 common shares b. Sold and issued 2,000 preferred shares at $25 per share collected the cash c Sold and issued 500 common shares to a new investor at $25 per share collected the cash, The company's operations resulted in net earnings of $40,000 for the year. The board of directors declared cash dividends of $25,000 that were paid at year-end. The preferred shares have a dividend rate of St per share Required: 1. Prepare the shareholders' equity section of the statement of financial position at the end of the year QUICK FIX IT CORPORATION Shareholders'Equity December 31 Share capital 1. Prepare the shareholders' equity section of the statement of financial position at the end of the year QUICK FIX IT CORPORATION Shareholders' Equity Docember 31 Share capital Total share capital Total shareholders' equity 2. This part of the question is not part of your Connect assignment. 3. Is it ethical to sell shares to outsiders at a higher price than the amount paid by the organizers