2)Marks (20) Contributed Capital Preferred shares, $ 1, no par value, 100,000 shares authorized, cumulative, callable at $ 107 plus dividends in arrears; issued and outstanding, 20,000 shares $ 2,040,000 Common shares, no par, 100,000 shares authorized, 80,000 issued and outstanding 640,000 Contributed surplus (retirement of common shares) 120,000 Retained earnings 1,600,000 The following transactions took place in 2020: Jan 20 Redeemed 1,000 preferred shares at the call price. There were no dividends in arrears. Jan 28 Declared $ 100,000 in dividends. Use separate accounts for each class of dividends. Feb 28 Retired 8,000 common shares at $ 12 per share. Mar 2 Declared and distributed a 3% common stock dividend. The market value of the shares at that time was $ 11.50. Instructions Prepare journal entries for the 2020 transactions