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Question 3 Journal Entries and Shareholders' Equity (15 marks) Talize Inc. has the following balances at December 31,2014 , its year end: Preferred Shares, $4.25 cumulative (dividends in arrears for 2013 and 2014) $1,250,000 100,000 shares authorized, 25,000 issues and nutstanding Common Shares, unlimited authorized, 2,500,000 shares outstanding 4,500,000 Retained Earnings 5,000,000 During 2015: Jan 2 Issued 20,000 common shares in exchange for machinery fair valued at $40,000. The common shares had a market value of $1.80 per share May 5 All required dividends were declared on preferred shares and a $.20 common share cash dividend was declared on common. Dividends will be distributed on Jan 2 2016. Separate both share classes. July 15 Retired 5,000 preferred shares at $58 per share Sept 25 Talize issued 2,000 preferred shares and 1,000 common shares to an investor for $100,000. At the issue date, the market value of the preferred shares was $45 per share and the market value of the common shares was $6 per share Oct 31 Talize declared and issued a 5% share dividend on the common shares. The market value of the shares at declaration date was $3.00 per share Required: 1. Journalize all the transactions for 2015 2. Prepare, in good form, the Shareholders' Equity section of the balance sheet at its year end, December 31, 2015. Net income for 2015 was $520,000. Total comprehensive income for 2015 was $650,000 which includes net income plus a gain of $130,000 of foreign exchange gains caused by foreign subsidiary. Use a proper three-line title