Question: QUESTION #3(10 MARKS) On December 31st.,2022, the shareholders' equity section of Y was as follows:- Preferred shares, no par value, $4 dividend, cumulative, redeemable

QUESTION #3(10 MARKS) On December 31st.,2022, the shareholders' equity section of Y

QUESTION #3(10 MARKS) On December 31st.,2022, the shareholders' equity section of Y was as follows:- Preferred shares, no par value, $4 dividend, cumulative, redeemable at $55 per share 4,000 shares issued and outstanding.... Common shares, no par value 80,000 shares issued and outstanding.. Contributed capital... Retained Earnings... Shareholders' equity... ..$200,000 400,000 600,000 150,000 .$750,000 On January 1st,2023, X Company purchased 60,000 of the common shares of Y for $500,000. The X Company does not own any of Y's preferred shares, which were 2 years' dividends in arrears on December 31st. 2022 and( January 1st.,2023). Required:- a. Prepare a schedule to split Y's shareholders' equity of $750,000 as at December 31st.2022 into its preferred and common share capital components (that is calculate the shareholders' equity attributable to preferred shares and to common shares, respectively as of December 31, 2022.(7 marks). marks) b. What is the Non-Controlling interest for the Consolidated Balance Sheet at January 1,2023 (3 QUESTION

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