Arizona Corporation started the year with the following shareholder's equity balances: Preferred shares, $3, noncumulative 20,000 shares authorized, 6,000 shares issued Common shares, unlimited shares authorized, 120,000 shares issued Total contributed capital Contributed Surplus-share repurchase Retained earnings Total shareholders' equity And during 2021, the following transactions took place. Feb. 6 26 Jun. 4 Dec. 31 Purchased 4,000 of its own common shares for $11.00 per share. (HINT: calculate average share price that includes issuance from Feb 6) $200,000 1,200,000 1,400,000 Required a) Prepare journal entries for the above transactions. b) Determine the balance in retained earnings as at December 31, 2021. 13,000 616,900 Declared the required annual cash dividend on preferred shares and a 7% stock dividend on the common shares. On this day, the market price of a common share was $12. Paid the cash dividend that was declared on February 6. $2,029,900 Closed out the income summary account with a debit balance of $48,000. (This is as a result of a net loss)