the question can be seen via the image attached

Required:

a) Prepare the journal entries for the following: (15 marks):

b) i) Why did the directors likely decide to issue common shares as opposed to preferred shares to finance the new fibre optic technology? What is the disadvantage of issuing the common shares? (2 marks)

ii) Calculate the minimum amount of preferred dividends paid in 2021.

Please show all calculations supporting your answer. (2 marks)

iii) Calculate the ending balance in retained earnings as at December 31, 2022

Please show all calculations supporting your answer. (3 marks)