Lebel Corporation has the following capital structure at the beginning of the year: Preferred shares, $3, no par value, 20,000 shares authorized, 6,000 shares issued and outstanding Common shares, no par value, 60,000 shares authorized, 40,000 shares issued and outstanding Contributed Surplus- Preferred shares Total contributed capital Retained earnings Total shareholders' equity Required: Record the following transactions which occurred consecutively (show all calculations). $ 300,000 510,000 63,000 873,000 340,000 $1,213,000 1. A total cash dividend of $90,000 was declared and payable to shareholders of record. The preferred shares are non-cumulative and fully participating. Record the dividends payable on common and preferred shares in separate accounts. 2. A 10% common stock dividend was declared and distributed. The average market value of the common shares is $16 a share. 3. Issued 8,500 common shares for a building appraised at $140,000, while the market value of the shares were still trading at $16 per share. 4. Purchased and cancelled 18,000 common shares for $9.75. 5. Purchased and cancelled 1,000 preferred shares for $59.50.