Bramble Construction Ltd. reported the following information related to its shareholders' equity on January 1, 2021, the first day of its fiscal year. $0.50-noncumulative preferred shares, unlimited number of shares authorized, 100,000 shares issued $1,100,000 Common shares, unlimited number of shares authorized, 1,100,000 shares issued 3,322,200 Retained earnings 490,000 h During the year, the following transactions relating to shares occurred. 1. May 15, 2021, issued 4,000 preferred shares with a fair value of $11.50 per share for cash. 2. Purchased a Caterpillar bulldozer on June 5.2021 in exchange for a cash payment of $15,000 and issued 90.000 common shares with an estimated fair value of $3.15 per share. The fair value of the bulldozer was unavailable. 3. On June 30, 2021, issued 4.000 preferred shares in exchange for legal services (Legal Fees Expense) in the amount of $50,000. The preferred shares had an estimated fair value of $11.60 on June 30, 2021. 4. November 30.2021. declared and paid $50,000 of dividends to the preferred shareholders. The following operating information was provided for the year: Service revenue $800,000 Operating expenses 160,000 Miscellaneous expense 50,000 Office expense 120,000 Interest expense 10,000 Income tax paid in instalments 128,000 Income tax rate 30 % Bramble Construction Ltd. follows ASPE. Prepare a schedule showing all transactions for common shares and preferred shares and show the calculation of the average per share issued. (Round avearge cost to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places. eg. 5,275.) Common Shares: Transaction Proceeds No. of shares Average per share amount Jan 1 Beginning balance $ Jun 5 Issued shares $ $ Preferred Shares: Proceeds Average per share amount No. of shares Transaction $ Jan 1 Beginning balance May 15 Issued shares Journalize each of the share transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit May 15 w June 5 June 30 Nov. 30 12C Partly sunny Prepare a corporate income statement for the year ended December 31, 2021. BRAMBLE CONSTRUCTION LTD. Income Statement Year ended December, 2021 $ Prepare the entry to record income tax expense for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 (To accrue income tax expense.) Prepare journal entries to close revenue and expenses to the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account.) Dec. 31 Prepare a statement of retained earnings for the year ended December 31, 2021. (List items that increase retained earnings BRAMBLE CONSTRUCTION LTD. Statement of Retained Earnings Year ended December 31, 2021 $ $