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Orillia Outfitters Ltd. had the following shareholders equity on January 1 2014 Preferred shares $075 cumulative 1 year in arrears liquidation price of $500 50000 shares authorized

Orillia Outfitters Ltd. had the following shareholders equity on January 1, 2014: Preferred shares, $0.75, cumulative (1 year in arrears), liquidation price of $5.00, 50,000 shares authorized, 15,000 shares issued and outstanding.......................................$150,000 Common shares, unlimited number of shares authorized, 25,000 shares issued and outstanding..................................................................125,000 Total contributed capital.........................................................275,000 Retained earnings................................................................220,000 Total shareholders equity.....................................................$495,000 The following transactions took place during 2014: Jan. 28 Declared a $25,000 cash dividend, payable on March 1 to the shareholders of record on February 15. Indicate the amount payable to each class of shareholder. Feb. 25 Issued 10,000 common shares for $7.00 per share. Mar. 1 Paid the cash dividend declared on January 28. Apr. 4 Declared a 10-percent stock dividend on the common shares, distributable on May 15 to the shareholders of record on April 15. The market value of the shares was $8.00 per share. May 15 Distributed the stock dividend declared on April 4. Jul. 6 Repurchased 10,000 of the company s own common shares at $8.50 per share. Sept. 3 Issued 5,000 common shares for $8.50 per share. Nov. 2 Split the common shares 2 for 1. Dec. 31

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