Marin Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5cumulative preferred shares. On December 31, 2021, there were 33,000 common and 1,700 preferred shares issued. The commonshares had been issued at an average per share amount of $10; the preferred shares at $106. The balance in the Retained Earningsaccount on January 1, 2021, was $286,000. During 2021, the company had profit of $115,000 and declared a total of $72,000 ofdividends, of which $55,000 was paid during the year.Prepare the shareholders' equity section of the balance sheet on December 31, 2021.MARIN LIMITEDBalance Sheet (Partial)December 31, 2021Shareholders' EquityShare CapitalPreferred SharesCommon Shares:

rin Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both con mulative preferred shares. On December 31, 2021, there were 33,000 common and 1,700 preferred shares i ares had been issued at an average per share amount of $10; the preferred shares at $106. The balance in the count on January 1, 2021, was $286,000. During 2021, the company had profit of $115,000 and declared a t idends, of which $55,000 was paid during the year. Prepare the shareholders' equity section of the balance sheet on December 31, 2021.

rin Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both con mulative preferred shares. On December 31, 2021, there were 33,000 common and 1,700 preferred shares i ares had been issued at an average per share amount of $10; the preferred shares at $106. The balance in the count on January 1, 2021, was $286,000. During 2021, the company had profit of $115,000 and declared a t idends, of which $55,000 was paid during the year. Prepare the shareholders' equity section of the balance sheet on December 31, 2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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