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The shareholder s equity section of Chen Industries Limited at November 3 0 , 2 0 2 2 is shown below: Shareholders Equity $ 1

The shareholders equity section of Chen Industries Limited at November 30,2022 is shown below:
Shareholders Equity
$1.00 cumulative preferred shares, 2,000 shares issued $ 60,000
Common shares, 5,000 shares issued 30,000
Retained earnings 122,000
$212,000
During 2023 the company completed the following transactions:
February 10 Declared a regular cash dividend on the preferred shares.
March 10 Paid the cash dividend
April 14 Declared a 10% stock dividend on the common shares. Market price per
common share was $10/ share
May 14 Distributed the stock dividend
July 10 Issued 5,000 common shares for $8/ share
November 20 Received equipment valued at $50,000 and issued 5,000 common shares.
REQUIRED:
1. Journalize Chens transactions. Explanations are not required.
2. Prepare the shareholders equity section of Chen Industries Limited balance sheet at November 30,2023. Net income for the year ended November 30,2023 was $175,000.

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