Some of the account balances of Vos Limited at December 31, 2019 are as follows: $5 Preferred shares (1,800 shares authorized, 1,800 shares issued and outstanding) Common shares (unlimited authorized, 56,000 shares issued and outstanding) Contributed surplus Retained earnings Accumulated other comprehensive income $ 600,000 470,000 100,000 763,000 21,840 The price of the company's common shares has been increasing steadily on the market; it was $20 on January 1, 2020 and advanced to $ 23 by July 1 and to $ 26 at the end of 2020. The preferred shares are not openly traded but were appraised at $ 119 per share during 2020. Vos follows IFRS and had net income of $ 160,000 during 2020. For the purpose of this question, ignore any dividend entitlement to the preferred shareholders. Your answer is partially correct. The company declared a property dividend on April 1. Each common shareholder was to receive one share of Waterloo Corp. for every 10 shares outstanding. Vos had 7,800 shares of Waterloo (2% of the outstanding shares), and had purchased them in 2015 for $ 68,016. The shares are accounted for using the FV-OCI model. The accumulated other comprehensive income relates only to these shares. The fair value of the Waterloo shares was $ 15 per share on April 1. The property dividend was distributed on April 21 when the fair value of the Waterloo shares was $ 18.00. The Waterloo shares remained at a fair value of $ 18.00 until year end. Prepare the journal entries. (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 for the amounts. Round answers to decimal places, eg,5,275. Do not round intermediate calculations.) Date Account Titles and Explanation Debit Credit Apr. 1 Dividends 84000 Dividends Payable 84000 (To record fair value adjustment) Apr. 1 Investment Income or Loss 50544 Accumulated OCI 50544 (To record declaration of property dividend) TA IR MAMA Apr. 1 Dividends Payable 100800 Dividends 100800 (To reclassify holding gain) Apr. 21 Accumulated OCI 51968 Retained Earnings 51968 On July 1, the company declared a 4% stock dividend at the fair value of the shares to the remaining common shareholders. The stock dividend was distributed July 22. Prepare the journal entries. (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 for the amounts.) Date Account Titles and Explanation Debit Credit July 1 1 Dividends 51520 Dividends Payable 51520 July 22 Dividends Payable Common Shares e Textbook and Media List of Accounts Your answer is correct. A shareholder, in an effort to persuade Vos to expand into her city, donated to the company a plot of land with an appraised value of $ 40,000 Prepare the journal entry. (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 for the amounts.) Account Titles and Explanation Debit Credit Land 40000 Contributed Surplus - Donated Land 40000 e Textbook and Media List of Accounts ! - Your answer is partially correct. Prepare the shareholders' equity section of Vos's SFP at December 31, 2020. (Round answers to decimal places, eg. 5,275. Do not round intermediate calculations.) Vos Limited Shareholders' Equity December 31, 2020 Share Capital Preferred Shares $ 600000 Common Shares 488800 Total Share Capital V Contributed Surplus 172720 Total Paid-in Capital Retained Earnings 822648 Accumulated OCI 20416 Total Shareholders' Equity