Major Communications Ltd., a publicly traded company that specializes in data capture, has been in operation for several years. On October 1, 2019, it had 10 million common shares authorized and 1.5 million shares issued at an average value of $30 per share. As well, there were 1 million preferred shares authorized, with 200,000 of them issued at $15 per share. During the fiscal year ended September 30, 2020, the company generated net income after taxes of $25 million and other comprehensive loss of $5 million. On October 1, 2019, the balance in Retained Earnings was $20,375,000 and the balance in Accumulated Other Comprehensive Income was $1 million. The preferred shares pay an annual dividend of $1.20. During the fiscal year 2020, the following transactions affected shareholders’ equity:

1. On November 1, 2019, 400,000 new common shares were issued at $32 per share.

2. On March 15, 2020, a 5% common stock dividend on the outstanding shares was declared and distributed when the market price was $45 per share.

3. On September 1, 2020, a dividend of $5.15 per common share was declared. The date of record was September 15, 2020, with the date of payment being October 5, 2020.

4. The preferred dividend for the year was declared and paid.

Required
Prepare the statement of changes in shareholders’ equity and the shareholders’ equity section of the statement of financial position as at September 30, 2020.