Record transaction (f) described above. 3. Determine the number of common shares outstanding at December 31, 2019. 4. Determine the balance of retained earnings at December 31, 2019 5. QUESTION ONE (15 marks, 27 minutes) The shareholder equity section of balance sheet as at December 31, 2018 for Wanda Inc. included the following: $1,900,000 $600,000 $6,500,000 $10,000 Common shares, 38.000 shares issued and outstanding Preferred shares, $3.60, 5,000 shares issued and outstanding Retained earnings Accumulated other comprehensive loss Additional information regarding Wanda Inc, during 2019 was made available: January 1: Issued 10,000 common shares in exchange for $740,000 cash. b. a. 2019 net income totaled $1,080,000. September 30: Declared cash dividends at a total of $130,000. d. c. October 25: Paid cash dividends declared on September 30. November 30: Declared and distributed 2% stock dividends when the market was trading at $60 per share. f. e. December 1: Paid $780,000 to repurchase and cancel 15.000 common shares that had been initially issued for $826,500. The 2019 unrealized fair value gain on irrevocable FVTOCI investments was $27,000. g. Required 1. Record transaction (c) described above Record transaction (e) described above 2. QUESTION ONE (15 marks, 27 minutes The shareholder equity section of balance sheet as at December 31, 2018 for Wanda Inc. included the following: $1,900,000 $600,000 $6,500,000 $10,000 Common shares, 38,000 shares issued and outstanding Preferred shares, $3.60, 5,000 shares issued and outstanding Retained earnings Accumulated other comprehensive loss Additional information regarding Wanda Inc. during 2019 was made available: January 1: Issued 10,000 common shares in exchange for $740,000 cash. b. 2019 net income totaled $1,080,000. September 30: Declared cash dividends at a total of $130,000. October 25: Paid cash dividends declared on September 30 November 30: Declared and distributed 2 % stock dividends when the market was trading at $60 per share. f. c. d. e. December 1: Paid $780,000 to repurchase and cancel 15,000 common shares that had been initially issued for $826,500. The 2019 unrealized fair value gain on irrevocable FVTOCI investments was $27,000. g. Required 1. Record transaction (c) described above. Record transaction (e) described above. 2. Record transaction (f) described above. 3. Determine the number of common shares outstanding at December 31, 2019. 4. Determine the balance of retained earnings at December 31, 2019. 5