23 May The January 1, 2020 the accounting records of Captain Hook Corporation showed the following: Preferred shares, no-par value, $0.70, 80,000 shares outstanding $386,000 Common shares, no-par value, 80,000 shares outstanding 642,000 Contributed capital on common shares 14,000 Retained earings 1.250.000 The following transactions took place during the 2020 year 15 February Acquired and retired 7,000 preferred shares for $5.20 per share Acquired and retired 2000 common shares at $11.00 per share 10 July Acquired and retired 4,000 preferred shares for $4.00 per share 16 October Acquired and retired 5,000 preferred shares for $6.00 per share 18 December Acquired and retired 8000 common shares for $7.50 per share 20 December Declared and paid a stock dividend on common shares of 10% (market value of common shares was $7.75) 30 December Declared and paid a $1 common share dividend Required: 1. Give joumal entries to record the above transactions for 2020 2. Prepare the shareholders equity section of the balance sheet on December 31, 2020 after reflecting the above transactions. Net Income for the year was $38,000