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Prepare the shareholders equity section of the balance sheet

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Reference no: EM133100254

Question - Byrne Corporation had the following accounts at January 1, 2014: common shares, unlimited number of shares authorized, 7,000 shares issued, $197,000; preferred shares, $9.50 cumulative, unlimited number of shares authorized, 2,000 shares issued, $63,500; retained earnings, $263,000.

During the year, the company paid the preferred dividend and paid a $1.50 dividend to the common shareholders. The company had profit of $333,000.

Required - Prepare the shareholders' equity section of the balance sheet at December 31, 2014.

Reference no: EM133100254

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