3 [30 points] Following is the shareholders' equity section of Classic Coverings' financial statements on January 1 of the current fiscal year. The following transactions took place during the year: January 11: Purchased and cancelled 1,000 common shares for $28 per share, $28,000 total. February 9: Purchased and cancelled 200 preferred shares for $30 per share. February 25: Purchased and cancelled 1,000 common shares for $19 per share. March 7: Purchased and cancelled 300 preferred shares for $44 per share. 1) Give journal entries to record the above transactions. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). Do not round during your calculations. Please make sure your final answer(s) are accurate to 2 decimal places. 2) Calculate the resulting balance in each account in shareholders' equity. Enter '0' for entries that have a zero balance. Please make sure your final answer(s) are accurate to 2 decimal places