Answer Happy

1. Dryden Corporation Is authorized to issue an unlimited number of cumulative, non- participating $2 preferred shares, and an unlimited number of common shares. The 18 marks following information comes from the equity section of the balance sheet of Atikokan Ltd. at December 31, 2019: Balance in Retained Earnings account at December 31, 2019 $ 1,841,945 Number of common shares outstanding 40,403 Balance in Common Shares account at December 31, 2019 802,898 11,240 Number of preferred shares outstanding $ 506,087 Balance in Preferred Shares account at December 31, 2019 4,469 Balance in Contributed Capital from Retirement of Common Shares account $ $
During the 2020 year, the following transactions took place for Atikokan Ltd.: Mar. 1 Atikokan Ltd. issued preferred shares. Number of shares issued: Issuance price per share: $ Apr. 20 Atikokan Ltd. declares a share dividend on its common shares. Percentage of share dividend declared: Market price per share on date of dividend declaration: Market price per share on date of dividend distribution: $ May 2 Atikokan distributes the share dividend that was declared on April 20. Jul. 20 Atikokan retires 500 common shares. Repurchase price per share: $ Dec. 31 Credit balance in Income Summary account: $ S 757 63 9% 28 20 40 382,393
Required: 1. Prepare any journal entries required for the 2020 transactions, including any closing journal entries at December 31, 2020. Prepare the equity section of the Balance Sheet for Atikokan Ltd. as at December 31, 2020. 2.