Doulane Marine obtained a charter from the province in January that authorized 1,000,000 common shares. During the first year, the company earned $429,000 and the following selected transactions occurred in the order given: a. Issued 700,000 common shares at $54 cash per share b. Reacquired and cancelled 25,000 shares at $50 cash per share Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Issued 700,000 common shares at $54 cash per share. Note: Enter debits before credits. 3. Prepare the shareholders' equity section of the balance sheet at December 31 . At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data: Common shares: no changes during the current year Shares authorized: 5,000,000. Shares issued, _ issue price $1 per share. Net income for the current year: $4,800,000 Common Shares account: $1,500,000 Dividends declared and paid during the current year: $2 per share Retained Earnings balance, beginning of the year: $82,900,000 Required: Complete the following: (Round "Earnings per share" to 2 decimal places.) Ritz Company had the following shares outstanding and Retained Earnings at December 31, 2020: On December 31, 2020, the board of directors is considering the distribution of a cash dividend to the common and preferred shareholders. No dividends were declared during 2018 or 2019 . Three independent cases are assumed: Case A: The preferred shares are non-cumulative; the total amount of 2020 dividends would be $30,000. Case B: The preferred shares are cumulative; the total amount of 2020 dividends would be $30,000. Dividends were not in arrears prior to 2018. Case C: Same as Case B, except the amount is $75,000. Required: 1-a. Compute the amount of dividends, in total, payable to each class of shareholders for each case. -b. Compute the amount of dividend per share, payable to each class of shareholders for each case. (Round your answers to 2 lecimal places.)