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Sunset Corporation Has the Following Account Balances on January 1

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Sunset Corporation has the following account balances on January 1, 2020:
Preferred Shares, $5, non-cumulative, non-voting, 10,000 issued $ 250,000
Common shares, unlimited number authorized, no par value, voting
shares, 150,000 issued $1,500,000
Retained Earnings $ 375,000
The following take place during 2020: Sunset Corporation has the following account balances on January 1, 2020: Preferred Shares, $5, non-cumulative, non-voting, 10,000 issued $ 250,000 Common shares, unlimited number authorized, no par value, voting shares, 150,000 issued $1,500,000 Retained Earnings $ 375,000 The following take place during 2020:   Instructions  a) Make all of the necessary journal entries. b) Determine the 2020 year-end balance in the preferred shares, common shares and retained earnings accounts. c) Prepare the shareholders equity section of the Statement of Financial Position. Instructions
a) Make all of the necessary journal entries.
b) Determine the 2020 year-end balance in the preferred shares, common shares and retained earnings accounts.
c) Prepare the shareholders equity section of the Statement of Financial Position.


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