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thanks Marshall Corporation, a publicly traded company, is authorized to issue 208,000$4 noncumulative preferred shares and an unlimited number of common shares. On January 1,
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Marshall Corporation, a publicly traded company, is authorized to issue 208,000$4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: The following equity transactions occurred in 2021: Feb. 6 Issued 9,100 preferred shares for $546,000. Apr. 6 Issued 19,200 common shares for $566,400. 27 Repurchased and retired 3,000 common shares at \$18 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. May 29 Declared a semi-annual cash dividend is the preferred shareholders of record at June 12, payable July 1. Aug. 22 Issued 9,100 common shares in exchange for a building. At the time of the exchange, the building was valued at $175,500 and the common shares at $159,000. The following equity transactions occurred in 2021: Feb. 6 Issued 9,100 preferred shares for $546,000. Apr. 6 Issued 19,200 common shares for $566,400. 27 Repurchased and retired 3,000 common shares at $18 per share. The balance in the Contribu arose from the repurchase of common shares in prior years. May 29 Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, pay Aug. 22 Issued 9,100 common shares in exchange for a building. At the time of the exchange, the buildi $75,500 and the common shares at $159,000. Dec. 14 The board of directors decided there were insufficient funds to declare the semi-annual divide shareholders. 31 Net income for the year was $546,000. Prepare the shareholders' equity section of the statement of financial position at December 31. (Enter account name only and do not provide descriptive information.)Step by Step Solution
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