[20 marks; suggested time, 20 minutes] The shareholders' equity of as of December 31, 2019 contains the following account titles and related details (in alphabetical order): Common shares, unlimited number authorized, $500,500 38,500 shares issued and outstanding Preferred shares, $1.50, cumulative, unlimited $62,500 number authorized, 2,500 shares issued and outstanding Retained earnings $206,500 Additional information: directors declared and paid a $0.50 per share dividend to common shareholders on December 31, 2017. No dividends were declared in 2018 or 2019. completed the following transactions during 2020: February 1 Purchased 1,000 shares of its own common shares for $6 per share and retired them. March 1 Purchased an additional 2,500 shares of its own common shares for $7.50 and retired them. March 31 The Board of Directors declared and paid a $7,500 dividend. May 1 The board declared a 5% stock dividend when the market price of LSM's common shares was $10. June 1 Issued the stock relating to the stock dividend. On June 1, LSM's common shares had a market value of $12.50 August 1 The board of directors announced a 3-for-1 stock split on the common shares when LSM's shares had a market price of $30. December 31 Net income for the year was $250,000. Revenues were $450,000 and expenses were $200,000. December 31 The board of directors had a meeting and declared a dividend of $0.50 per share on the common shares. Required (a) Prepare journal entries to record the above transactions/events. Show your work/calculations. Indicate the date in short form (Mar. 1, etc.). If no journal entry is required, state so and explain