Ex 15-1

Dr Cr
01/10/2017
Cash 4,600,000
Common Shares 4,600,000

03/01/2017
Cash 2,023,000
Preferred Shares 2,023,000

04/01/2017
Land 60,000
Common Shares 60,000

05/01/2017
Cash 360,000
Common Shares 360,000

08/01/2017
Legal Expense 19,000
Common Shares 19,000
or
Legal Expense 19,000
Accounts Payable 19,000
Accounts Payable 19,000
Common Shares 19,000

09/01/2017
Cash 520,000
Common Shares 520,000

11/01/2017
Cash 187,500
Preferred Shares 187,500
Brief Ex 15-4
Dr Cr
06/01/2017
Share Subscription Receivable 91,000
Common Shares Subscribed 91,000

06/01/2017
Cash 40,950
Share Subscription Receivable 40,950

12/01/2017
Cash 50,050
Share Subscription Receivable 50,050

12/01/2017
Common Shares Subscribed 91,000
Common Shares 91,000
Ex 15-2
(a) Dr Cr
Share Subscription Receivable 880,000
Common Shares Subscribed 880,000

Cash 308,000
Share Subscription Receivable 308,000

Cash 572,000
Share Subscription Receivable 572,000

Common Shares Subscribed 880,000

Common Shares 880,000
Brief Ex 15-10
Dr Cr
08/01/2017
Dividends 900,000
Dividends Payable 900,000

08/15/2017
No Entry
No Entry

09/09/2017
Dividends Payable 900,000
Cash 900,000
Brief Ex15-14
Dr Cr
Declaration Date:
Dividends 810,000
Common Stock Dividends Distributable 810,000

Distribution Date:
Common Stock Dividends Distributable 810,000
Common Stock 810,000
Ex 15-11
(a) Dr Cr
Dividends 2,360,000
Common Stock Dividends Distributable 2,360,000

Common Stock Dividends Distributable 2,360,000

Common Stock 2,360,000

(b)
Dividends 23,600,000
Common Stock Dividends Distributable 23,600,000

Common Stock Dividends Distributable 23,600,000

Common Stock 23,600,000

(c)
No Entry
No Entry
Shares outstanding increase to 800,000 (400,000 x 2)
Brief Ex15-13
Dr Cr
04/20/2017
Dividends 250,000
Common Shares 150,000 Return of capital
Dividends Payable 400,000 Declared

06/01/2017
Dividends Payable 400,000
Cash 400,000
Ex 15-5
(a) 21,000 preferred dividend Preferred
Preferred - non cumulative, 21,000
& and non participating
74,000 common

(b) Preferred - cumulative 63,000

Arrears (2 years) 42,000
Current year 21,000

(c) Preferred - cumulative and participating 63,000

Arrears (2 years) 42,000
Current year 21,000
Common shareholders 19,600
Remaining 6,414
Common Shares 280,000 Total 69,414
Preferred Shares 300,000
580,000
12,400 remaining
Common 5,986
Preferred 6,414
Common Total
74,000 95,000

32,000 95,000

19,600
5,986
25,586 95,000
Brief Ex 15-8
Dr Cr
08/01/2017
Common Shares 4,800
Contributed Surplus 12,500
Retained Earnings 6,700
Cash 24,000
Ex 15-12
(a) Dr Cr
Dividends Payable (Preferred) 16,000
Dividends Payable (Common) 75,000
Cash 91,000

Common Shares 88,800

Contributed Surplus 40,700
Cash 129,500

Cash 105,000
Preferred Shares 105,000

Dividends 95,850
Common Stock Dividends Distributable 95,850

Common Share Dividends Distributable 95,850

Common Stock 95,850

Dividends 70,860
Dividends Payable (Preferred) 24,000
Dividends Payable (Common) 46,860 2130

(c)
Shareholder's Equity - December 31, 2017
Share Capital
Preferred Shares, $8 dividends (10,000 authorized, 3,000 issued)
Common Shares (unlimited authorized, 23,430 issued)
Total Share Capital
Contributed Surplus
Retained Earnings
Accumulated OCI
Total Shareholder's Equity

Calculation:
Retained Earnings - beg 250,000
Net Income 450,000
Dividends (95,850)
Dividends (70,860)
retained Earnings - end 533,290
 305,000
607,050
912,050
14,300
533,290
80,000
1,539,640