Thistle Links Inc. (Thistle) was a sports management company headquartered in Toronto, Ontario. The company had experienced gradual but consistent growth over the last number of years. In fiscal 2021, a wide variety of occurrences related to Thistles equity financing had to be accounted for. Thistles accountant reviewed the companys records and information, beginning with the shareholders equity section of the firms Statement of Financial Position from the previous fiscal year, which was prepared under International Financial Reporting Standards (IFRS) (see Exhibit 1). On the date of Thistles incorporation three years earlier, $1.50,1 cumulative, convertible, non-callable preferred shares2 were issued to a small group of the companys initial investors. Each preferred share was convertible into three common shares. On November 16, 2020, Thistle purchased a variety of new technological equipment from a local supplier. The equipment had a market value of $12,500. Given the strong relationship between Thistles management team and the supplier, the equipment was acquired for a combination of $7,700 in cash and 300 common shares. Common shares were trading at $17.52 per share on the date of purchase. Thistle declared a $1.20 cash dividend to its common shareholders on December 1, 2020, when the share price was $18.12 per share. The date of record was December 10, 2020, and the dividend was distributed to shareholders on December 14, 2020. Common shares were trading at $18.27 and $18.92 per share on the date of record and the date of distribution, respectively. By years end, on December 31, 2020, common shares were being exchanged by investors at $19.14 per share. On January 11, 2021, a large shareholder, who solely owned 30 per cent of Thistles outstanding preferred shares, decided to convert their preferred shares to common shares. Common shares were trading at $19.36 per share, and preferred shares were trading at $50.50 per share on the date of conversion.

Following this substantial share conversion, and with some excess cash on the balance sheet, Thistle management decided to repurchase and retire 1,000 common shares on February 1, 2021. In doing so, Thistle incurred a brokerage fee of $150. On the date of the share repurchase, common shares were trading at $22.16 per share. Having taken notice of the increase in the common share price to $24.78 per share, Thistle decided to pursue a two-for-one stock split on April 1, 2021. Thistle declared a 3 per cent stock dividend to common shareholders on October 25, 2021. On this date, common shares were trading at $13.05 per share. The date of record of the dividend was October 29, 2021; and it would be distributed on November 5, 2021. On October 31, 2021, at fiscal year-end, common shares were trading at $13.75 per share, and preferred shares were trading at $49.50 per share.

REQUIRED

Record, using a super-T, all opening balances and transactions relating to Thistles equity financing activities for the fiscal year ended October 31, 2021.

EXHIBIT 1: THISTLE LINKS INC.PARTIAL STATEMENT OF FINANCIAL POSITION As at October 31, 2020 Shareholders Equity Common Stock (1,500 Outstanding; Unlimited Authorized) $ 33,000 Contributed Capital, Common Stock 1,150 Preferred Stock (1,500 Outstanding; 1,500 Authorized) 78,000 Retained Earnings 68,847 Total Shareholders Equity $ 180,997