As of December 31, 2018, Shaka Son Inc. had the following share capital:1. 750,000 common shares authorized, 350,000 of which had been issued for a total of $5,250,000.2. 100,000 noncumulative, $10.50 preferred shares authorized, 10,000 of which had been issued at $200 per share.InstructionsPrepare the share capital section of the statement of financial position at December 31, 2018.

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The Answer of As of December 31, 2018, Shaka Son Inc. had the following share capital:1. 750,000 common shares authorized, 350,000 of which had been issued for a total of $5,250,000.2. 100,000 noncumulative, $10.50 preferred shares authorized, 10,000 of which had been issued at $200 per share.InstructionsPrepare the share capital section of the statement of financial position at December 31, 2018.