Waterway Ltd. is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $6.50 cumulative preferred shares. On December 31, 2021, there were 14,100 common and 1.100 preferred shares issued with the following balances: Common Shares, $ 141,000; and Preferred Shares, $ 110,000. The statement of retained earnings showed retained earnings of $ 253,500 at December 31, 2021. The dividend on the preferred shares was two years in arrears. Prepare the shareholders' equity section of the balance sheet on December 31, 2021. WATERWAY LTD. Balance Sheet (Partial) $ $ Wildhorse Ltd. has a September 30 fiscal year end and a 15% income tax rate. The following information is available for its 2021 year end: 1. Earned $558,000 of service revenue and incurred $ 474,000 of operating expenses. Interest expense was $ 2,700. 2. On October 5, 2020. paid $50,000 of dividends that had been declared on September 25, 2020. 3. On September 28, 2021, declared $ 40,500 of dividends payable on October 8, 2021. 4. Retained earnings on September 30, 2020, were $ 216,500. 5. Issued common shares for $28,300 cash on July 2, 2021. (a) Prepare an income statement. WILDHORSE LTD. Income Statement $ (a) Prepare an income statement. WILDHORSE LTD. Income Statement $ $ > Save for Later Attempts: 0 of 2 used Submit Tamarisk Inc. has the following shares outstanding: 51,700 common and 17,000 $0.80 cumulative preferred. On December 15, the directors declared dividends of $ 64,065 to the shareholders of record on December 28, payable January 10. Dividends have not been paid for the last two years. (a) Calculate the amount of dividends payable to each of the common shareholders and the preferred shareholders. $ Dividends payable to the preferred shareholders $ Dividends payable to the common shareholders Save for Later Attempts: 0 of 2 used Submit