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Cullumber Ltd. began operations on January 2, 2024. During the year, the following transactions affected...

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Cullumber Ltd. began operations on January 2, 2024. During the year, the following transactions affected shareholders' equity: 1. Cullumber's articles of incorporation authorize the issuance of 2.5 million common shares and the issuance of 241,000 preferred shares, the latter of which pay an annual dividend of $3.0 per share. 2. A total of 291,000 common shares were issued for $6 a share. 3. A total of 39,000 preferred shares were issued for $10 per share. 4. The full annual dividend on the preferred shares was declared. 5. The dividend on the preferred shares was paid. 6. A dividend of $0,10 per share was declared on the common shares but was not yet paid. 7. The company had net income of $168,000 for the year. (Assume sales of $505,000 and total operating expenses of $337,000.3 8. The dividends on the common shares were paid. 9. The closing entry for the Dividends Declared account was prepared. (b) Prepare the shareholders' equity section of the statement pf financial position as at December 31,2024

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