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please show calculation 6) Lil Mouse Inc. (LMI) is authorized...

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Accounting

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6) Lil Mouse Inc. (LMI) is authorized to issue an unlimited number of common shares and 250,000$1 noncumulative preferred shares. On January 1,2023, LMI had the following opening balances in their equity accounts: The Contributed Surplus arose from the repurchase of common shares in prior years. During the year ended December 31, 2023, LMI had the following share transactions: Jan. 15/23: Issued 50,000 common shares at $9.25 per share. June 30/23: Issued 40,000 preferred shares at $25 per share. Oct.4/23: Declared a 6% stock dividend to common shareholders of record on October 4 . The price of the common shares was $12 per share on October 4 . The stock dividend was paid on October 31, 2023. Nov.1/23: Issued 10,000 preferred shares at $26 per share. Nov.5/23: Repurchased and retired 20,000 common shares for $11 per share. (Hint: calculate the average issue price per common share first.) Dec.20/23: Declared the annual cash dividend to preferred shareholders of record on December 31, payable January 31,2024. Required (28 marks): Prepare all journal entries related to the 2023 and January 2024 transactions

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