Jewellery Limited reported the following summarized balance sheet at December 31,2019:

Requirement 1. Journalize the transactions.

February 13: Issued 5,900 common shares for $7 per share.

June 7: Declared the regular cash dividend on the preferred shares.

July 24: Paid the cash dividend.

August 9: Distributed a 6 percent stock dividend on the common shares. Market price of the common shares was $8 per share.

November 20: Sold 700 common shares for $11 per share.

Requirement 2. Report Marvelous Jewellery Limited's shareholders' equity at December 31, 2020. Net income for 2020 was $26,000.

Assets Liabilities and Equity Transactions During 2020, Marvelous completed these transactions that affected shareholders' equity: Feb. 13 Issued 5,900 common shares for $7 per share. June 7 Declared the regular cash dividend on the preferred shares. July 24 Paid the cash dividend. Aug. 9 Distributed a 6 percent stock dividend on the common shares. Market price of the common shares was $8 per share. Nov. 20 Sold 700 common shares for $11 per share