The following items were shown on the balance sheet of Chesher Corporation on December 31, 2010: Shareholders' Equity Contributed Capital Share Capital Common shares, no par value, unlimited number of shares authorized; shares issued $1,200,000 $3 preferred shares, no par value, redeemable at $120, cumulative, 20,000 shares authorized, 5,000 shares issued Total contributed capital Retained Earnings 500,000 120.000 1,320,000 Total shareholders' equity $1.820.000 Instructions Complete the following statements. ***Note: Common shares were issued at $4 per share.*** (a) The number of common shares issued was (b) The preferred shares dividend was $ per share. (c) The average issue price of the preferred shares was $_ (d) If Dividends have never been issued. How much Net Income has Chesher Corporation earned over the years? (e) The total amount of cash and other assets paid to Chesher Corporation in exchange for share capital, at December 31, 2010 was as total contributed capital is the term used to describe the total amount of cash and other assets paid by shareholders. Do the preferred shareholders have a right to dividends in arrears if the board of Directors Declared a Dividend this year? (Yes or NO) Why? Yes or No Why? (highlight one) I E