Horatio Corp is authorized to issue an unlimited number of common shares. The year-end for Horatio is December 31. At the end of 2019, the following balances were reported in shareholders' equity: Common shares, 180,000 issued Retained earnings The following transactions took place during 2020: 2020 Mar 10 Oct 10 Nov 30 Dec 15 Dec 31 Required: $2,430,000 2,325,400 Horatio purchased and retired 7,000 of its own common shares on the open market at $15 per share. Horatio declared and issued a 5% stock dividend. The dividend was valued at $19 per share, the fair value of the shares. The dividend resulted in the issuance of a number of whole shares but also entitlement to 750 shares as fractional shares. Horatio issued 10,000 common shares in exchange for a building with a fair value of $325,000. Shares were trading at $21 per share on this date. 15,000 common shares were sold by subscription for $20 each. The terms require 40% of the balance to be paid in cash immediately and the balance to be paid by June 1, 2021. The fractional share rights lapse. Prepare journal entries to record the above transactions. (14 marks)