Current Attempt in Progress

Sheridan Mills Ltd$.$ had the following shareholders' equity at January $1,2023.$

The contributed surplus accounts arose from amounts received in excess of the par value of the shares when issued. During $2023,$ the

following transactions occurred:

Equipment was purchased in exchange for $100$ common shares. The shares' fair value on the exchange date was $$13$ per

share.

Sold $1,300$ common shares and $80$ preferred shares for the lump$-$sum price of $$24,250.$ The common shares had a market

price of $$12$ at the time of the sale.

Sold $2,700$ preferred shares for cash at $$103$ per share.

All of the subscribers paid their subscription prices into the firm.

The common shares subscribed were issued.

Repurchased and retired $1,300$ common shares at $$15$ per share. Calculate the amount recorded to contributed surplus on a

pro rata basis.

Net income for $2023$ was $$247,000.$

Prepare the shareholders' equity section for the company as at December $31,2023.($Round average price per share to $3$ decimal places,

e$.$g$.5\mathrm{.}275$ and the final answers to $0$ decimal places, e$.$g$.5,275.)$

SHERIDAN MILLS LTD$.$

Shareholders' Equity

Share Capital

Preferred Shares

$

Common Shares

Total Share Capital

$