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Grouper Corporation's charter authorized 1 million shares of $12 par value common shares, and 200,000 shares of 5% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2020: 260,000 common shares were issued for $3.64 million and 9,000 preferred shares were issued for machinery valued at $1,388,000. Subscriptions for 10,500 common shares have been taken, and 25% of the subscription price of $16 per share has been collected. The shares will be issued upon collection of the subscription price in full. In addition, 9,000 common shares have been repurchased for $15 and retired. The Retained Earnings balance is $150,000 before considering the transactions above.
Problem 1: Prepare the shareholders' equity section of the statement of financial position in good form.
Problem 2: Prepare the shareholders' equity section of the statement of financial position in good form. Assume that the common shares and preferred shares are no par.
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