Mady Entertainment Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 690,000 shares issued and outstanding $ 5,520,000 Retained earnings 1,880,000 During 2020, the following selected transactions occurred: Apr. 1 Repurchased and retired 178,000 common shares at $9.40 per share; this is the first retirement recorded by Mady. June 1 Declared a 2:1 share split to shareholders of record on June 12, distributable June 30. Dec. 1 Declared a 10% share dividend to shareholders of record on December 10, distributable December 20. The market prices of the shares on December 1, December 10, and December 20 were $6.40, $6.16, and $6.30, respectively. 20 Distribute

20		Distributed the share dividend declared December 1.
	31		Closed the credit balance of $756,000 in the Income Summary account.

Required: a. Journalize the transactions above (assuming the retirements were the first ever recorded by Mady Entertainment Inc.). The company does not use a share dividends account

Prepare the equity section on the December 31, 2020, balance sheet.