At the end of December 31,2022, the shareholder's equity was as follows for ABZ Inc.:

$2 Preferred Shares (37,500 shares issued and outstanding; cumulative, nonparticipating, and convertible into two common shares for each preferred share $755,000

Common Shares (100,000 shares issued and outstanding) 500,000

Retained Earnings 1,500,000

AOCI: OCI unrealized gains from investments 80,000

Total Shareholders' Equity $2,835,000

Earnings for 2022 had been $725,000 which includes the comprehensive income of $120,500 from an unrealized gain on an investment of $425,500. Basic earnings per share was $1.25:

Net Earnings $725,000

Preferred dividend (37,500 shares x 2) (75,000)

Earnings attributable to common shares $171,000

Earnings per share ($171,000100,000 shares $1.71

In 2022 the company paid $2 per share preferred dividends and also paid $90,000, or $0.75 per share, in dividends to common shareholders. Dividends are reported in total and per share in the financial statements.

On April 1, 2023, ABZ Inc. executed a 3-for-1 split of its common shares. All shares contracts were revised to reflect this split. On July 15, 2023, the company repurhased and retired 7,500 common share at $9 per share.

(use $1.71 not $1.25)

Required:

1.After the split of common shares how many common shares will the holder of 2,500 preferred shares receive on conversion?

2.Prepare the journal entries to record the 2023 share purchase.

3.When the company prepares its comparative financial statements for 2023, what amounts will be reported for 2022 earnings per share. What amount would be reported for 2022 cash dividends per common share?

Could you help me solve this problem and give details? Thank you very much!