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Prepare the shareholders equity part of the balance sheet

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Reference no: EM133013961

Question - Burgundy Corporation is authorized to issue 145,000 common shares and 85,000, $3 preferred shares. At Jan 1, 2020, the company's shareholders equity included the below:

17,000 common shares valued at $124,000

7,000 preferred shares valued at $83,000

Retained earnings was $42,000

During 2020 the net profit earned by Burgundy Corp. was $31,500. The company did not issue any dividend during 2020. Also, during 2020 the company issued the below:

On Mar 3, 2020 - 5,500 common shares for $11 each

On Jun 12, 2020 - 1,500 preferred shares for $18 each and

On Oct 8, 2020 - 14,000 common shares for land valued at $154,000.

Required - Prepare the shareholders equity part of the balance sheet in Dec 31, 2020.

Reference no: EM133013961

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