The Following Is an Extract from the Balance Sheet as at December

question 28

Essay

The following is an extract from the balance sheet as at December 31, 2020: $\begin{array}{lr}\text { Preferred shares, } \$ 4 \text { per share non-cumulative dividend, redeemable } & \$ 125,000 \\\text { at } \$ 6 \text { per share, } 250,000 \text { authorized, } 25,000 \text { issued and outstanding } & \\\text { Common stock, } 60,000,000 \text { authorized, } 6,000,000 \text { issued and outstanding } & 6,019,233 \\\text { Contributed surplus - preferred shares from repurchase and resales } & 50,000 \\\text { Retained earnings } & 9,281,092 \\\text { Total shareholders' equity } & \$ 15,475,325\end{array}$ The company did not declare dividends on preferred shares in 2019. Transactions in 2020 include the following:
i. March 15: Hewitt purchased 15,000 preferred shares on the stock exchange for $5.25 per share and held these in treasury.
ii. March 28: The company redeemed 5,000 preferred shares directly from shareholders.
iii. July 1: The market price of common shares shot up to $5 per share, so Hewitt decided to split the common shares two to one.
iv. August 1: Hewitt cancelled 14,000 preferred shares that were held in treasury.
v. December 31: The company declared dividends of $0.40 per common share.
Required:
Prepare the journal entries to record the above transactions. The company uses the single-transaction method to account for treasury shares.

Describe the cognitive achievements and their transferability across different areas according to Piaget.

Understand the developmental tasks and abilities at the concrete operational stage.

Explain Piaget's views on moral development in children.

Grasp the significance of active discovery in learning, as per Piaget.

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Definitions:

Family Finances

The management of money and financial decisions within a family unit, including budgeting, savings, investments, and spending.

Control

The power to influence or direct people's behavior or the course of events.

Evolutionary Psychology

An approach in psychology that examines psychological traits through the lens of natural selection and adaptation.

Have Children

Refers to the act or process of birthing or adopting and raising offspring.