Case l Money Short Ltd. has 1,500 shares of cumulative no par value preferred shares with a $5 annual dividend and 4,000 shares of no par value common. No dividends were paid in 2014 or 2015. At the beginning of 2016, the company had a deficit balance of $5,000 in retained earnings. During 2016, the company reported net earnings of $87,000. Dividends were declared to the preferred shareholders and a $3 dividend was declared to the common shareholders Also assume that during 2016, Money Short Ltd. declares and distributes a 5% stock dividend on its common shares just prior to the end of its fiscal year. The fair market value of Money Short's common shares on declaration day was $8.00. Required Prepare all the necessary journal entries (no explanation required) and show the ending balance in the retained earnings account as at December 31, 2016 using a T-account. (10 marks)