16 Quiz tol 10 antion 19 Finish Time On January 1, a corporation had 40,000 of non par value common shares outstanding originally issued at $510,500. The corporation is authorized to issue an unlimited number of common shares. The balance of its retained earnings account on that date was $1,350,000. The following transactions occurred during the year: Jan. 16 Sold 5,000 common shares to investors at $10 per share for cash. Mar. 20 Bought back (repurchased) 3,500 of its own common shares from investors at $10.00 per share in cash. Sept. 6 Declared a 15% stock dividend to common shareholders of record, as of Sept. 15. The market price per common share was $13.00 on Sept. 6 and the stock dividend was distributed to shareholders on October 3. Nov. 7 Board of Directors declared a $0.50 per share cash dividend to common shareholders. The date of record was November 15 and payment date was November 30. Dec 31 The Corporation reported $1,100,000 in revenue and $1,180,000 in expenses during the year. Instructions: Write you answers by hand, scan your working papers and upload to the link on the main page of the Moodle website as a PDF file. Printing the problem information is permitted but only for personal use during the exam. Show all your calculations. a) Prepare the journal entries related to the above transactions. Calculate to the nearest dollar. b) Prepare the shareholders' equity section of the balance sheet, December 31