Eileen Book Co, shows the following equity accounts at December 31, 2020: 7 8 9 90,000 Preferred shares, $1.50 non-cumulative, 500,000 shares authorized, 2,000 shares issued and outstanding 10 Common shares, unlimited number of shares authorized, 11 75,000 shares issued and outstanding 12 Contributed surplus - common shares 13 Retained earnings 14 5 Following are transactions that took place in 2021. 956,250 26,800 350,000 $1.423,050 PART A REQUIRED (13 marks): Prepare the journal entries to record the transactions below. If another form of entry is needed, select appropriately from the drop-down box for the debit row ONLY! Jan. 13 Purchased and retired 2,000 shares today for a price of $18 per share. 18 Jan. 13 Purchased and retired 2,000 shares today for a price of $18 per share. 19 20 Date Account Title Debit Credit 21 Jan. 13 22 23 24 25 Mar. 15 Issued subscriptions for 20,000 common shares at a price of $14. 26 Date Account Title Debit Credit 27 Mar. 15 8 + 9 Mar. 16 One-fourth (25%) of the subscription price from March 15th subscription issuance is received today. The remaining balance is due on January 2, 2021. Debit Account Title Credit Date Mar. 16 32 Mar. 16 33 34 Jul. 2 Issued 5,000 common shares and 2,000 preferred shares for a lump sum of $120,000 cash. At the time of the issuance, the market values are $11 per share for the 35 common shares and $41.25 per share for the preferred shares. Account Title Debit Credit 36 Date 37 Jul. 2 38 9 Oct. 4 Declared a 3-for-1 stock split on common shares and issued new common shares. Debit Credit Account Title Date Oct. 4 PART B REQUIRED (2 marks): Using the blue box provided below, explain when the common shares associated with the subscriptions issued March 15 will be issued. Please use a complete sentence for your explanation