Using the information in Exercise 13-7, prepare the Shareholders' Equity section of the statement of financial position for Pictou Framing Ltd. as at November 1, 2015
In Exercise 13-7
Pictou Framing Ltd.'s Shareholders' Equity had the following account balances:
$2.25 preferred shares, 100,000 authorized, 5,000 issued and outstanding...............$500,000
Common shares, unlimited authorized, 3,000,000 issued and outstanding.............24,000,000
Contributed capital from retirement of common shares.......................................120,000
Retained earnings...............................................................................50,700,000
On June 30, 2015, Pictou Framing Ltd. reacquired and retired 52,000 common shares at $10 per share. On September 22, 2015, Pictou Framing Ltd. purchased and retired an additional 200,000 shares at $6 per share. On November 1, 2015, Pictou Framing Ltd. purchased and retired another 10,000 shares at $9 per share.