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Greenburg Ltd. began operations in 2016. Its fiscal year-end is December 31. Components of the condensed balance sheet as at December 31,2018 , are as follows: (Click the icon to view the condensed balance sheet.) During 2019 and 2020, Greenburg had the following activities: (Click the icon to view the activities.) Requirements Data table Activities Requirement a. January 1: Issued During 2019, Greenburg had the following activities: i. January 1: Issued 20,000 preferred shares with cumulative dividends of $1.75 per share. Proceeds were $440,000, or $22 per share. ii. July 1: Repurchased and cancelled 40,000 common shares at a cost of $25 per share. iii. Net income for the year was $1,500,000. During 2020 , the company had the following activities: i. July 1: Repurchased and cancelled 25,000 common shares at a cost of $42 each. ii. December 31: Greenburg declared dividends totalling $170,000. iii. Net income for the year was $1,000,000. Requirement a. Assume that Greenburg follows the guidance in ASPE pertaining to accounting for equity transactions. Prepare the journal entries required for 2019. (Record debits first, then credits. Explanations are not required.) January 1: Issued 20,000 preferred shares with cumulative dividends of $1.75 per share. Proceeds were $440,000, or $22 per share. Requirement b. Prepare the equity section of the balance sheet as at December 31,2019 , including any notes that would be required. Begin by preparing the equity section of the balance sheet at December 31, 2019. Note disclosure: At December 31,2019, the company had $ of dividends in arrears on cumulative preferred shares. (Enter a "0" if no dividends are in arrears.) Requirement c. Prepare the journal entries required for 2020 . (Record debits first, then credits. Explanations are not required.) July 1: Repurchased and cancelled 25,000 common shares at a cost of $42 each. December 31: Greenburg declared dividends totalling $170,000. Greenburg Ltd. began operations in 2016. Its fiscal year-end is December 31. Components of the condensed balance sheet as at December 31,2018 , are as follows: (Click the icon to view the condensed balance sheet.) During 2019 and 2020, Greenburg had the following activities: (Click the icon to view the activities.) Requirements Data table Activities Requirement a. January 1: Issued During 2019, Greenburg had the following activities: i. January 1: Issued 20,000 preferred shares with cumulative dividends of $1.75 per share. Proceeds were $440,000, or $22 per share. ii. July 1: Repurchased and cancelled 40,000 common shares at a cost of $25 per share. iii. Net income for the year was $1,500,000. During 2020 , the company had the following activities: i. July 1: Repurchased and cancelled 25,000 common shares at a cost of $42 each. ii. December 31: Greenburg declared dividends totalling $170,000. iii. Net income for the year was $1,000,000. Requirement a. Assume that Greenburg follows the guidance in ASPE pertaining to accounting for equity transactions. Prepare the journal entries required for 2019. (Record debits first, then credits. Explanations are not required.) January 1: Issued 20,000 preferred shares with cumulative dividends of $1.75 per share. Proceeds were $440,000, or $22 per share. Requirement b. Prepare the equity section of the balance sheet as at December 31,2019 , including any notes that would be required. Begin by preparing the equity section of the balance sheet at December 31, 2019. Note disclosure: At December 31,2019, the company had $ of dividends in arrears on cumulative preferred shares. (Enter a "0" if no dividends are in arrears.) Requirement c. Prepare the journal entries required for 2020 . (Record debits first, then credits. Explanations are not required.) July 1: Repurchased and cancelled 25,000 common shares at a cost of $42 each. December 31: Greenburg declared dividends totalling $170,000