Tricor Corp was incorporated on January 20 2014 During 2014
Tricor, Corp. was incorporated on January 20, 2014. During 2014, Tricor had the following transactions related to share capital:
1. Issued 300,000 common shares for $3 million.
2. Issued 20,000 cumulative preferred shares for $25 per share, with $1.50 dividend per share.
3. Tricor showed a $35,000 net loss.
Requirements
1. Prepare journal entries.
2. Prepare the shareholders’ equity section of the balance sheet at December 31, 2014.
3. Assuming that you are a preferred shareholder, would you expect to receive a dividend in 2014? Explain.
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