ACME Incorporated, a publicly traded company with a December 31 year end, had the following equity balances at December 31, 2021: Shareholders' Equity 5 Preferred Shares, cumulative, 50% participating, 500,000 authorized & outstanding $4 Preferred Shares, 1:1 Convertible to Class A Common, 300,000 authorized & outstanding Class A Common Shares, unlimited authorized, 600,000 shares outstanding Class B Common Shares, unlimited authorized, 125,000 shares outstanding Contributed surplus - redemption of $5 preferred shares Total paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity $2,500,000 1,500,000 3,000,000 900,000 50,000 $7,950,000 18,500,000 875,000 $ 27,325,000 No dividends have been declared for the last two years. During 2022. ACME had the No dividends have been declared for the last two years. During 2022, ACME had the following transactions: 1. February 28, declared and distributed a 5% stock dividend on the Class B common shares when the market value was $5.90 per share. 2. April 01, declared a 1:2 reverse stock split on the Class A common shares. 3. March 15, reacquired and cancelled 25,000 Class A Common Shares at $8.00 per share. 4. September 01, 100,000 of the $4 Preferred Shares were converted to Class A Common Shares. 5. December 31, reacquired and cancelled 50,000 $5 Preferred Shares at $6.50 per share plus outstanding dividends. Required: Prepare the required journal entries for the above transactions. (23 marks)