3 Peach Co. has the following shareholders' equity accounts: Preferred Shares, 50,000 issued and outstanding, no par Common Shares, 70,000 issued and outstanding Contributed Surplus, redemption of preferred shares Retained Earnings $200,000 $545,000 $15,000 $698,000 Peach Co. redeems 40,000 preferred shares for $5.00 per share. 0 / 1 point Which of the following will be part of the journal entry to record this redemption? Dr. Loss on redemption $40,000 Dr. Retained Earnings $40,000 None of the options are correct Dr. Contributed Surplus $40,000 Dr. Loss on redemption $25,000 Question 7 0 / 1 point Plum Corporation had Net Income of $91,000, an opening retained earnings balance of $220,000, and distributed a stock dividend of $58,000. During the year, $44,000 of preferred shareholders converted to common shareholders. If the closing retained earnings balance is $214,000, how much in cash dividends has been distributed? 19,000 43,000 91,000 none of the responses are correct 67,000