III. Contributed Surplus (10 points) Secord Limited had the following shareholders' equity on January 1, 2020: Common shares, 300,000 shares authorized, 100,000 shares issued and outstanding $ 270,000 Contributed surplus 410,000 Retained earnings 2.300.000 Total shareholders' equity $2.980.000 The contributed surplus arose from nep'excess of proceeds over cost on a previous cancellation of common shares. Stellar prepares financial statements in accordance with ASPE. The following transactions occurred in the order given, during 2020. 1. Subscriptions were sold for 12,000 common shares at $25 per share. The first payment was for $10 per share. 2. The second payment for the sale in item 1 above was for $15 per share. All payments were received on the second payment except for 3,000 shares. 3. Assume that the subscription contract states that defaulting subscribers forfeit their first payment. At this point, common shares were issued to subscribers who had fully paid on the contract. 4. Repurchased 22,000 common shares at $30 per share. They were then retired. 5. Sold 5,000 preferred shares and 3,000 common shares together for $300,000. The common shares had a fair value of $31 per share. Instructions Prepare the journal entries to record the transactions for the company for 2020. (10 points)