Chopped Cookware Inc. (CCI) designs, manufactures and sells high -nd cookware to the culinary industry and home chefs. CCI was incorporated during 2020, with an unlimited number of common shares, and 50,000 preferred shares with a $3 dividend rate authorized. CCI follows ASPE. The following transactions took place during their first year of operations with respect to share capital: The articles of incorporation were filed and state that an unlimited number of common shares and 50,000 preferred shares are authorized. 30,000 common shares were sold by subscription to three individuals, who each purchased 10,000 shares for $50 per share. The January 15 th termsrequire 10% of the balance to be paid in cash immediately. The balance was to be paid by December 31,2021 , at which time the shares will beissued. 70,000 common shares were sold by subscription to seven individuals, who each purchased 10,000 shares for $50 per share. The February 20th terms requirethat 10\% of the balance be pald in cash immediatey, with the balance to be paid by December 31,2020 . Shares are to be issued once the full payment is received. March 3rd 50,000 common shares were sold by an underwriter for $52 per share. The underwriter charged ccla 5% commission on the sale. May 10th CCl paid \$2,000 to a printing company for costs involved in printing common share certificates. As well, an invoice for legal fees related to the issue of common shares was received for $15,000. cCl issued a combination of 2,000 common and 1,000 preferred shares to a new shareholder for a total price of $200,000. cCi was September 23rd unable to estimate a fair value of the preferred shares, and the most recent sale of common shares was used to estimate the value of the common share portion of the transaction. CCl wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 500 common shares for $52, to November 28th be paid by December 31, 2021. The employee accepted the offer and signed a note payable to cCi in the exchange. No interest was to be charged on the outstanding balance; however, the shares were issued immediately. Of the seven subscriptions issued on February 20, five subscripticons were paid in full and two subscribers defaulted. According to December 31 st the subscription contract, the defaulting subscribers would not be issued shares for any amount that had been paid and no cash would be refunded. December 31 st cCl declared a dividend of $200,000 for 2020 . Net income for the year was $800,000. REQUIRED: 30 1. Prepare the journal entries to record the transactions for the year. 31 2. What was amount of the Dividend Per Common Share declared on December 31 st? Round to two decimal ploces. 12. 3. Prepare the Shareholders' Equity section of the Statement of Financial Position as at December 31,2020