Stevens Corporation began its operations on January l , 2020. In the Memorandum and Articles of Incorporation, Stevens Corporation was authorized to issue 1,500,000 shares of $2 par value ordinary share and 200,000 shares of $25 par value, 4% cumulative preference shares. The following transactions occurred during the first year of operation in 2020 for Stevens Corporation:

Jan I Mar I Oct 31 Dec 31 Dec 31

Issued 120,000 ordinary shares for cash of $1 Issued 65,000 4% cumulative preference shares for cash of $2,080,000. Repurchased 15,000 shares of its previously issued ordinary share at $11 per share. Earned profit for the year of $460,000. Declared dividends of $52,000 which would be paid on May 3 1, 2021.

Required:

(Show all calculations and round ALL answers to 2 decimal places.)

Based on the above information which would be reported on the Shareholders' Equity section in Stevens Corporation statement of financial position as at December 31, 2020, compute answers to the following questions:

What is the amount of legal capital? What is the balance in the Share premium: Ordinary shares account? What is the total amount of shareholders' equity? What is the Book Value per Share of Ordinary Share?

(2 marks) (l mark) (6 marks) (6 marks)