Liway’s Cleaning Emporium Corp. had the following shareholders’ equity account balances on December 31, 2021:

During 2022, the following transactions occurred:
i. February 1: Liway’s resold the 2,000 treasury shares at $90 per share.
ii. May 20: Liway’s bought back 500 common shares for $95 each and retired them.
iii. December 1: The board of directors declared cash dividends of $600,000 payable on January 2, 2023. (There were no dividends in arrears.)
iv. December 31: Other comprehensive income for the year ended December 31, 2022, was $50,000.
v. December 31: Net income for the year ended December 31, 2022, was $1,000,000.
Liway’s uses the single-transaction method for treasury shares and follows the guidance in ASPE pertaining to the issuance and redemption of share capital.

Required:
a. Record the journal entries for the transactions in 2022 and make all the necessary year-end entries relating to shareholders’ equity accounts.
b. Prepare the presentation of the shareholders’ equity section of Liway’s balance sheet as at December 31, 2022.
c. How much is the dividend per share paid to the common shareholders?

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Preferred shares A, $100, 4% cumulative, 10,000 authorized, 2,000 issued and outstanding Preferred shares B, $100, 5% non-cumulative, 10,000 authorized, 1,000 issued and outstanding Common shares, no par, 50,000 authorized, 40,000 issued Contributed surplus on repurchases and resales Treasury shares-common, 2,000 shares Retained earnings Accumulated other comprehensive income Total shareholders' equity $ 200,000 100,000 4,000,000 100,000 (200,000) 1,400,000 300,000 $5,900,000