5 On January 1, 20x1, Pepper Company had 100,000 shares of common shares issued and outstanding. The book value of those shares was $500,000. Furthermore, they had 20,000 $2, cumulative, preferred shares issued and outstanding which had a book value of $100,000. The following transactions took place in 20x1: 7 8 Feb 28-Issued 50,000 common shares for $220,000 9. 10 Jun 1-Repurchased and cancelled 40,000 shares at $5.00 each. 11 12 Jun 30-A 2:1 stock split was announced 13 14 Dec 15-Declared a dividend of $1.00/share to shareholders of record on Dec 31. 15 16 Required - 17 Prepare all journal entries to record the above transactions. Round to two decimal points on any 18 calculations. 19