QUESTION IN-EQUITY SECTION OF THE BALANCE SHEET (10 marks) Listed below is Pucci Incorporated's equity Information as at December 31, 2018. Additional information is as follows: The preferred shares had sold for an average price of $15/share and the common shares had sold for an average of $4/share. Retained earnings at December 31, 2017 was $250,000. During 2018, profit of $130,000 was earned and dividends of $25,000 were declared. Equity Section of the Balance Sheet Ast December 11, 2018 Contributed Capital Preferred shares, 53.20 non cumulative; 100,000 shares authorised, 65,000 shares issued and outranking C Common shares; 500,000 shares authorized, authorized Total contributed capital h ares issued and 1,575,000 Retained earnings Total Equity Required (show all your calculations): 1) What does the $3.20 for the preferred shares represent? (2 marks) 2) What is the total value of preferred shares as at December 31, 2017 (i.e. the correct value for letter "A") (2 marks) 3) What is the total value of common shares as at December 31, 2017 (i.e. the correct value for letter "B") (2 marks) 4) What is the total number of common shares as at December 31, 2017 (i.e. the correct value for letter "C") (2 marks) 5) What is the total value of retained earnings as at December 31, 2017 (.e. the correct value for letter "D") (2 marks) Page ACCT1117 Winter 2020 Assignment #1 - Version A