T6 The following items were shown on the balance sheet of Ceolin Corporation on December 31, 2017: Shareholders' Equity Share Capital Preferred Shares, $3 cumulative, 20,000 shares authorized, 6,000 share issued 270,000 Common Shares, unlimited shares authorized, ? shares issued 3,840,000 Total Share Capital 4,110,000 Retained Earnings January 1, 2019 1,500,000 Net Income 760,000 2,260,000 Total Shareholders' Equity 6,370,000 Complete the following statements and show your calculations. All of the common shares were issued at $8 per share. a. What is the average cost of the preferred shares? 45 b. The number of common shares issued was 480,000 additional common shares if it wants to raise C. Ceolin Corporation can sell addition equity financing. d. Assuming there are no dividends in arrears at January 1, 2019, the preferred dividends to be paid in 2019 amounts to e. If the company declared a 2 for 1 stock split, the following number of shares would be outstanding: f. If dividends of $50,000 were in arrears on the preferred shares, rather than been paid during 2017 and 2018, what would be the balance reported for Retained Earnings