Classic Jewellery Limited reported the following summarized balance sheet at December 31,2019 : (Click the icon to view the statement.) (Click the icon to view the transactions.) Requirements 1. Journalize Classic's transactions. Explanations are not required. 2. Report Classic Jewellery Limited's shareholders' equity at December 31,2020 . Net income for 2020 was $22,000. Requirement 1. Journalize the transactions. (Record debits first, then credits. Explanations are not required.) February 13: Issued 5,100 common shares for $5 per share. Assets Current assets Property and equipment, net Total assets Liabilities and Equity Liabilities Shareholders' equity: S0.40 cumulative preferred shares, 400 shares issued Common shares, 6,300 shares issued Retained earnings Total liabilities and equity Transactions During 2020, Classic completed these transactions that affected shareholders' equity. Feb. 13 Issued 5,100 common shares for $5 per share June 7 Declared the regular cash dividend on the preferred shares. July 24 Paid the cash dividend. Aug. 9 Distributed a 8 percent stock dividend on the common shares. Market price of the common shares was $6 per share. Nov. 20 Sold 900 common shares for $9 per share