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Make the shareholders equity section of the balance sheet

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Question 1: Pearl 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 13,900 common and 1,300 preferred shares issued with the following balances: Common Shares, $139,000; and Preferred Shares, $130,000. The statement of retained earnings showed retained earnings of $261,000 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.

Reference no: EM132589292

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