Question: The following information is extracted from the shareholders equity section of the statement of financial position of Gibson Clothing Inc. at December 31, 2018: Preferred

The following information is extracted from the shareholders’ equity section of the statement of financial position of Gibson Clothing Inc. at December 31, 2018: Preferred shares, stated value $10, non-cumulative Issued and outstanding — 5,000 shares Common shares, stated value $2 Issued and outstanding — 20,000 shares $ 20,000 40,000 Retained earnings 150,000 Total shareholders’ equity $210,000

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