$1$Answer savedWarked out of $8\mathrm{.}00$ Flag estionThe shareholders equity section for Omega Co$.$ on December $31.2022$ shows:Preferred shares, $53$ cumulative, $50,000$ shares issued and outstanding$$5\mathrm{.}000\mathrm{.}000$Common shares, $40,000$ shares issued and outstanding$800\mathrm{.}000$Contributed surplus $-$ repurchase of common shares$20\mathrm{.}000$Retained earnings$300,000$The following transactions are for $2023$:$1.$ January $24-$ Issued $10,000$ common shares and $5,000$ preferred shares for a lump sum of $5900,000$ cash. The market value o share is $$100$ per share$\mathrm{.}2.$ March $11-$ Repurchased and canceled $15,000$ common shares for $$27$ per share$\mathrm{.}3.$ October $15-$ Declared the quarterly dividend on the preferred shares and $$1$ per share on the common shares$\mathrm{.}4.$ November $5-$ Paid the dividends declared on October $15\mathrm{.}5.$ December $31-$ The net income for the year was $$400,000.$Required:$1.$ Prepare the journal entries to record the above transactions$\mathrm{.}2.$ Compute the balance in the Retained Earnings account on December $31,2023.$