Sarasota Limited has two classes of shares outstanding: preferred ($5 dividend) and common. At December 31, 2019, the following accounts and balances were included in shareholders equity:

Preferred shares, 270,000 shares issued (authorized, 1,000,000 shares)		$ 2,900,000
Common shares, 900,000 shares (authorized, unlimited)		24,500,000
Contributed surpluspreferred		150,000
Contributed surpluscommon		1,500,000
Retained earnings		5,000,000
Accumulated other comprehensive income		200,000

The contributed surplus accounts arose from net excess of proceeds over cost on previous cancellations of shares of each respective class. The following transactions affected shareholders equity during 2020:

Jan. 1		Issued 24,000 preferred shares at $24 per share.
Feb. 1		Issued 48,000 common shares at $19 per share.
June 1		Declared a 2-for-1 stock split (common shares).
July 1		Purchased and retired 27,000 common shares at $14 per share.
Dec. 31		Net income is $2,050,000; comprehensive income is $2,000,000.
Dec. 31		The preferred dividend is declared, and a common dividend of $0.45 per share is declared.

Assume that Sarasota follows IFRS.

1. Prepare the statement of changes in shareholders equity for the company at December 31, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round intermediate calculations to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.)

SARASOTA LIMITED Statement of Changes in Shareholders' Equity For the Year Ended December 31, 2020December 31, 2020For the Month Ended December 31, 2020
		Preferred Shares		Common Shares		Contrib. Surplus Preferred	Contrib. Surplus Common	Retained Earnings	Acc. Other Comprehensive Income	Total
		Number of Shares	Share Capital	Number of Shares	Share Capital
Balance January 1, 2020			$		$	$	$	$	$	$
Issued preferred shares
Issued common shares
2-for-1 stock split
Reacquired common shares
Declared dividends preferred
Declared dividends common
Net income
Other comprehensive income
Balance December 31, 2020			$		$	$	$	$	$	$

2. Prepare the shareholders equity section of the SFP for the company at December 31, 2020.

3.Prepare the journal entry for the repurchase of 27,000 common shares on July 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round intermediate calculations to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.)

4. Prepare the journal entry for the repurchase of 27,000 common shares assuming instead that the repurchase took place on May 31 at the same repurchase price of $14. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round intermediate calculations to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.)