B 1 2 3 4 Question 3: Shareholders' Equity (12 marks) Make sure you scroll down to the bottom of each worksheet until you see "End of Question_.". This will ensure you've answered all parts During 2021, the following transactions affected shareholders' equity of King 1) 6,100 new common shares were issued at $15/share on March 10, 2021. 5 2) 7,700 new preferred shares were issued at $35/share on March 10, 2021. 3) 49,500 in preferred dividends for the year was declared on December 1, 2021. This amount will be paid in January 2022. 7 8 Required The countdown tim Provide the journal entries for each of the transactions. 9 Moodle browser ta 10 mindful of the time 11 Ref Account Titles Debit Credit automatically be 12 1 in the exam for 12 13 save, so don't wor + 14 15 16 If you have techn you must contact 780-471-8624. Yc computer and go is what the seco successfully con 17 T8 19 20 3 mo namai 2. Complete the statement of changes in shareholder's equity. King Corporation earned $755,000 in net income in 2021. 21 22 23 24 Statement of Changes in Shareholder's Equity Year Ended December 31, 2021 Number of common Common Number of Preferred Retained shares Shares preferred shares Shares Earnings Total 200,000 $2,600,000 25,000 $ 775,000 $ 5,897,923 $ 9,272,923 25 26 January 1, 2021 27 Add: Net Income 28 Add: Shares Issued Less: Dividends Declared 29 30 December 31, 2021 31 2 13 End of Question 3