Ruby Red Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2017

Accumulated other comprehensive income (loss).............................$(25,000)

Contributed surplus-reacquisition of common shares........................$40,000

Retained earnings..................................................................1,500,000

Common shares (32,000 shares)...................................................800,000

Ruby Red had the following transactions and events during 2017:

Feb. 2 Repurchased 1,000 shares for $44,500.

Apr. 17 Declared and paid cash dividends of $70,000.

Oct. 29 Issued 2,000 shares for $104,000 cash.

Dec. 31 Reported comprehensive income of $425,000, which included other comprehensive income of $40,000.

Instructions

(a) Prepare journal entries to record the transactions that took place during 2017.

(b) Prepare a statement of changes in shareholders' equity at December 31, 2017.

(c) Calculate the number of shares issued as at December 31, 2017.