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Transactions of Sarasota Corporation are as follows. 1. The company is granted a charter that authorizes the issuance of 150,000 preferred shares and an unlimited

Transactions of Sarasota Corporation are as follows.

1. The company is granted a charter that authorizes the issuance of 150,000 preferred shares and an unlimited number of common shares.
2. The founders of the corporation are issued 9,000 common shares for land valued by the board of directors at $ 234,000 (based on an independent valuation).
3. Sold 16,000 preferred shares for cash at $ 100 per share.
4. Repurchased and cancelled 3,200 shares of outstanding preferred shares for cash at $ 90 per share.
5. Paid $ 83,000 in dividends that were declared in the previous period.
6. Repurchased for cash and cancelled 400 shares of the outstanding common shares issued in item 2 above at $ 49 per share.
7. Issued 2,700 preferred shares at $ 99 per share.

Assuming that the company has retained earnings from operations of $ 1,132,000, prepare the shareholders equity section of its SFP after considering all the transactions above.

Sarasota Corporation Statement of Financial Position (Partial)
Total Share CapitalShareholders' EquityTotal Shareholders EquityShare CapitalTotal Paid-in Capital
Total Share CapitalTotal Shareholders EquityTotal Paid-in CapitalShare CapitalShareholders' Equity
$
Share CapitalShareholders' EquityTotal Shareholders EquityTotal Paid-in CapitalTotal Share Capital
Share CapitalTotal Paid-in CapitalTotal Shareholders EquityTotal Share CapitalShareholders' Equity
Total Share CapitalTotal Paid-in CapitalTotal Shareholders EquityShareholders' EquityShare Capital $

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