The financial statements of Planet Media Inc. included the following selected information at December 31, 2018:

Common shares	$	1,640,000
Retained earnings		917,000
Net earnings		846,240
Dividends declared		845,000

The common shares were sold at $25 per share.

Required:
1.	What was the amount of retained earnings at the beginning of 2018? (Round your intermediate calculations and final answer to nearest whole dollar amount.)

2.	Compute earnings per share. (Round the final answer to 1 decimal place.)

3.	Prepare the shareholders equity section of the companys statement of financial position at December 31, 2018.

Quick Fix-it Corporation was organized in January 2018 to operate several car repair businesses in a large metropolitan area. The charter issued by the government authorized the following no par value shares: Common shares, 200,000 shares. Preferred shares, 50,000 shares. During January and February 2018, the following transactions were completed: a. Collected $80,000 cash from shareholders and issued 4,000 common shares. b. Sold and issued 2,000 preferred shares at $25 per share; collected the cash. c. Sold and issued 500 common shares to a new investor at $25 per share; collected the cash. The company's operations resulted in net earnings of $40,000 for 2018. The board of directors declared cash dividends of $25,000 that were paid in December 2018. The preferred shares have a dividend rate of $1 per share. Required: 1. Prepare the shareholders' equity section of the statement of financial position at December 31, 2018. QUICK FIX-IT CORPORATION Shareholders' Equity December 31, 2018 Share capital: Total share capital Total shareholders' equity $