You are provided with the following information from the equity section of Tingwick Ltd.'s balance sheet on December 31, 2016:
Preferred shares-authorized, 5,000,000 shares; outstanding 2,000,000 shares...$40,000,000
Common shares-authorized, 400,000,000; outstanding 125,000,000 shares.... 425,000,000
Accumulated other comprehensive income (loss)............. (1,750,000)
Retained earnings......................... ....195,500,000
During the year ended December 31, 2017, the following occurred (events are recorded in the order they occurred during the year):
i. Semi-annual dividend on common shares of $0.60 per share was declared and paid.
ii. Issued 3,000,000 common shares for $8 per share.
iii. Issued 750,000 preferred shares for $10 per share.
iv. Issued 3,000,000 common shares in exchange for all the common shares of another company. The estimated value of the acquired company was $25 million.
v. Preferred dividends of $1 per share were declared and paid.
vi. Declared a 2 percent stock dividend on the outstanding common shares.
vii. Net income was $31,000,000.
viii. Comprehensive income for 2017 was $31,200,000.
ix. Semi-annual dividend on common shares of $0.65 per share was declared. The dividend will be paid in January 2018.

Prepare the shareholders' equity section of Tingwick balance sheet on December 31, 2017.

  • CreatedFebruary 26, 2015
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