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Question 3 (20 marks) Arizona Corporation started the year with the following shareholder's equity balances: $200,000 Preferred shares, $3, noncumulative 20,000 shares authorized, 6,000 shares issued Common shares, unlimited shares authorized, 120,000 shares issued 1,200,000 1,400,000 Total contributed capital Contributed Surplus - share repurchase 13,000 616,900 Retained earnings Total shareholders' equity $2.029,900 And during 2021, the following transactions took place. Feb. 6 26 Jun. 4 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. Purchased 4,000 of its own common shares for $11.00 per share. (HINT: calculate average share price that includes issuance from Feb 6) Closed out the income summary account with a debit balance of $48,000. (This is as a result of a net loss) a Dec. 31 Required a) Prepare journal entries for the above transactions. (14 marks) b) Determine the balance in retained earnings as at December 31, 2021. (6 marks)