On January 1, 2017, Renewable Corporation had the following Shareholders' Equity accounts: Contributed Capital: Preferred shares, no par value, $.25 dividend cumulative, convertible into 100,000 common shares, callable at any time after issue, unlimited shares authorized, 100,000 issued and outstanding Common shares, no par value, unlimited shares authorized, 32,000 issued and outstanding Contributed Surplus-redemption of preferred shares $260,000 Total contributed capital Retained Earnings Total Shareholders' Equity 175,000 16,000 451,000 3,200,000 $3,651,000 Prepare Journal entries for each of the following entries (4 marks): I. On January 15, 2017, Renewable Corporation issued a common stock dividend of 10% based on the initial recorded common share balances. Using a market value of $5.5 per share, assume that 3,000 whole shares were issued along with 200 fractional rights, valued at equivalent whole shares). 2. On January 18, 2017 Renewable Corporation shareholders chose to convert 14,000 preferred shares into common shares on a one to one basis. The MV of preferred at the time is $2.5 and of common is $5.5 3. On December 1, 2017 Renewable Corporation declared $120,000 in dividends. Dividends are recorded in separate liability accounts for each class of shareholder. There are two years of dividends in arrears. DATE