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On January 1, 2021, Sheridan Ltd, had the following shareholders'equity accounts: Common shares (1,000,000 issued)...

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On January 1, 2021, Sheridan Ltd, had the following shareholders'equity accounts: Common shares (1,000,000 issued) Retained earnings $1,400,000 1,600,000 The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2021, none had been issued. During 2021, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Apr 1 July 1 Aug 12 Issued 78.000 preferred shares for $50 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Issued 78,000 common shares for $1.20 per share. Paid quarterly dividend to preferred shareholders. Pald quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Loss for the year was $78,000, Oct. 1 Dec. 31 Dec. 31 and Explanation Debit Credit (To record issuance of shares.) (To record issuance of shares.) Der 31 Dec. 31 (To record dividends paid) (To close Income Summary) (Tn close dividends.)

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