Prepare a Shareholders' Equity Section

question 2

Essay

Prepare a shareholders' equity section.
When Haven Corporation was incorporated in 2009, authorization was obtained to issue 200,000 $5 par value ordinary share and 6,000 8% non-cumulative preference share. The preference share has a par value of $100. All the preference share was issued at $107 per share, and 110,000 ordinary shares were sold for $9 per share. The operations of the company resulted in a net loss of $19,000 in 2009 and profit of $125,000 in 2010. In 2011, profit was $352,000, and the cash position was sufficient to allow the board of directors to declare a cash dividend of $1 per share to the ordinary shareholders, as well as satisfy all preference share dividend requirements.
Complete in good form the shareholders' equity section of Haven Corporation's balance sheet at December 31, 2011. (Hint: First determine the total amount of dividends declared in 2011.)

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