At its year ended December 31, 2020, JKL, a publicly traded company listed in the Toronto Stock Exchange reported the following shareholders' equity accounts: Preferred Shares, $ 1 cumulative dividend, 1,000,000 authorized, 180,000 issued and $4,500,000 outstanding Common shares, no par, unlimited number authorized, 360,000 issued 7,200,000 Contributed Surplus common shares retirement 50,000 Retained earnings 4,800,000 Shareholder's Equity $16,550,000 The holdings in the preferred shares have not changed for the last five years. The last dividend declaration was at the end of 2019. The following transactions occurred during 2021: JKL repurchased and immediately cancelled 60,000 common shares at cost of $21 per Mar 30 share. June 30 JKL repurchased and retired 30,000 preferred shares at a price of $26 each. Note that repurchased shares lose any rights to dividend. The board of directors declared 5% stock dividend on common shares and also declared dividends for the preferred shares. The common shares were trading at $22 per share on this day. All dividend declared will be settled on October 31. The board of directors declared 2 for 1 stock split on common shares effective on this Dec 1 date. The common shares were trading at $25 per share on this day. All dividend declared will be settled on October 31. Required 1. Provide all the journal entries for the events listed in 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Sep 30 View transaction list Journal entries for the events listed in 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record journal entry for March 30. Note: Enter debits before credits. Transaction General Journal Debit Credit 03/30/2021 Record entry Clear entry View general journal 2. What is the net income or loss for the year ended December 31, 2021? The balance in retained earnings on December 31, 2021 amount to $4,775,000. (Net loss should be indicated by a minus sign.) A B 1 Net income (loss) for the year 3. Based on the above transactions in part (1), identify the impact on the accounts (total assets, common shares value, retained earnings and # of common shares outstanding) for each of the following transactions by indicating increase, decrease or no effect: (a) Repurchase of shares at a price higher than the average price (b) Issue new shares in exchange for a building (c) Declaration of stock dividends (d) 2 for 1 stock split A B C D E 1 Assets Common Shares Retained Earnings # of Shares 2 (a) Repurchase of shares at a price higher than the average price (b) Issue new shares in exchange for a building (c) Declaration of stock dividends (d) 2 for 1 stock split 4 5 Journal entry worksheet 1 2 3 4 5 6 7 8 Record journal entry for June 30. Note: Enter debits before credits. Transaction General Journal Debit Credit 06/30/2021 Record entry Clear entry View general journal Journal entry worksheet Record journal entry for stock split on December 1. Note: Enter debits before credits. Transaction General Journal Debit Credit 12/01/2021 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 for Description Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal