(16 marks, 25 minutes) The December 31, 2018 balance sheet of Randy Inc. included the following in Shareholders' Equity: Common shares, 80,000 shares issued and outstanding S 1,000,000 Preferred shares, cumulative, S4, 6,000 shares issued and outstanding $ 600,000 Retained earnings $1.500.000 Contributed Surplus-Repurchase shares S49,500 Additional information regarding Randy Inc. during 2019 was made available: January 1: Issued 20,000 common shares in exchange for $800,000 cash May 30: Declared cash dividends at a total of $120,000. September 15: Declared and distributed 2% stock dividends when the market was trading at 550 per share October 20: Paid cash dividends declared on May 30. December 1: Paid $850,000 to repurchase and cancel 18,000 common shares that had been initially issued for $700,500 2019 Net Income S2.650,000. Randoms didinim diciendin 2018 October 20: Paid cash dividends declared on May 30. December 1: Paid S850,000 to repurchase and cancel 18,000 common shares that had been initially issued for $700,500. 2019 Net Income $2,650,000. Randy Inc. didn't pay any dividends in 2018. Required: 1. Record the journal entries on the following dates a. May 30 b. September 15 c. December 1 2. Determine the number of outstanding common shares on December 31, 2019. Show all your calculations and label them properly. 3. Determine the balance of retained earnings on December 31.2019. Show all your calculations and label them properly