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Question 1 of 8 -161 5 View Policies Current Attempt in Progress Pronghorn Corp. reported the following amounts in the shareholders' equity section of its December 31, 2019 SFP: Preferred shares, $6 dividend (10,000 shares authorized, 2,200 shares issued) $217,800 Common shares (unlimited authorized, 21,000 issued) 504,000 Contributed surplus 45,200 Retained earnings 290,000 Accumulated other comprehensive income 78,000 Total $1,135,000 During 2020, the company had the following transactions that affect shareholders' equity. 1. Paid the annual 2019 $6 per share dividend on preferred shares and a $4 per share dividend on common shares. These dividends had been declared on December 31, 2019. 2. Purchased 3,500 shares of its own outstanding common shares for $31 per share and cancelled them. 3. Issued 1,000 shares of preferred shares at $104 per share (at the beginning of the year). Declared a 5% stock dividend on the outstanding common shares at their fair value when the shares were selling for $40 per 4. share. 5. Issued the stock dividend. Declared the annual 2020 $6 per share dividend on preferred shares and a $3 per share dividend on common shares. These 6. dividends are payable in 2021. The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Total assets at December 31, 2019, were $2,140,000, and total assets at December 31, 2020 were $2,616,000. The company follows IFRS.Prepare journal entries to record the transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. eTextbook and Media List of AccountsPrepare the statement of changes in shareholders' equity for the year ended December 31, 2020. Assume 2020 net income was $490,000 and comprehensive income was $497,000. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pronghorn Corp. Statement of Changes in Shareholders' Equity Preferred shares Common Shares Number of Shares Paid-in Number of shares Balance, January 1 Net income Other comprehensive income Comprehensive income Repurchase of common shares Issuance of preferred shares Issuance of common shares through stock dividend Cash dividend: - preferred - common Balance, December 31 $ eTextbook and Media List of AccountsQuestion 1 of 8 - / 61 Prepare the December 31, 2020 shareholders' equity section. Pronghorn Corp. Shareholders' Equity $ v $ eTextbook and Media List of Accounts Calculate the rate of return on common shareholders' equity and the rate of return on total assets for 2020. (Round percentage answers to 2 decimal places, e.g. 52.75%.) Rate of return on common shareholders' equity Rate of return on total assets Is Pronghorn trading on the equity