Mannesh Inc. ended 2019 with 9 million number of common shares issued and outstanding. The average issue price of these shares was $1.33. Beginning retained earnings totalled $35 million.

In March 2020, Mannesh Inc. issued 6 million common shares at a price of $7 per share.

In May 2020, the company declared and distributed 4 percent stock dividend at a time when Mannesh's common shares had a fair value of $8 per share.

Then in October 2020, Mannesh's stock price dropped to $5 per share and the company executed a 1-for-2 stock split. For the year, Mannesh Inc earned net income of $22 million and declared and paid cash dividends of $13 million.

Required:

1. Complete the following tabulation to show what Mannesh Inc should report for shareholders' equity at December 31, 2020.

	Common		Retained		Total
(Amounts in millions)	Shares		Earnings	=	Equity
Balance, Dec 31, 2019
Issuance of shares
Stock dividends
Net income
Cash dividends
Balance, Dec 31, 2020

2. Journalize the transactions noted above (Journal entry explanations are not required)