Labopharm Inc. is authorized to issue an unlimited number of common shares and 100,000 shares of $24 non-cumulative preferred. The company completed the following transactions:
Required 1. Prepare General Journal entries to record the transactions. 2. Prepare a statement of changes in equity for the year ended December 31, 2014. 3. Prepare the equity section of the balance sheet as of the close of business on December 31, 2014. Analysis Component: Calculate the net assets of Labopharm Inc. for 2012, 2013, and 2014. Is the trend favourable or unfavorable?Explain.