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Exercise 1: The Smith Company is a new company and has the following information. Required:...

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Exercise 1: The Smith Company is a new company and has the following information. Required: Use this information to complete its' Balance Sheet: a) AED 8, Preferred Stock, par value 30, authorized to issue 150,000 shares. b) Common Stock, par value 10, authorized to issue 200,000 shares. c) During the year, the company sold 100,000 of its common shares at a price of AED 20 each. d) They also sold 100,000 shares of Preferred Stock at the par value. e) Net Income for the year is AED 1,400,000 and the Board of Directors declared and paid dividends of AED 4 for each common share. Construct a Shareholder's Equity Section of the Balance Sheet

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