The equity section of the December 31, 2013, balance sheet for Delicious Alternative Desserts Inc. showed the following:
During the year 2014, the company had the following transactions affecting equity accounts:
The board of directors had not declared dividends for the past two years (2013 and 2014).
Required 1. Journalize the above transactions. 2. Prepare the equity section as at December 31, 2014. 3. How many preferred shares are available for issue at December 31, 2014? 4. How many common shares are available for issue at December 31,2014?