As of January 1, 2021, the equity section of LD Food Co.'s balance sheet contained the following:

Common stock, 10 million authorized, 2 million issued and$3,000,000

outstanding

Contributed surplus—from repurchase and cancellation of 275,000

common shares

Contributed surplus—from expired options on common shares250,000

Preferred stock, $4 cumulative dividend, 7 million authorized, 570,000

30,000 issued and outstanding

Retained earnings   2,500,000

Total shareholders' equity$6,595,000

On May 1, 2021, the company spent $802,500 to repurchase 300,000 common shares. These shares were canceled immediately.

On July 15, 2021, the company repurchased and canceled 4,000 preferred shares at $15/sh.

On November 1, 2021, the company declared and paid the annual cash dividends on the preferred shares. On the same day, the company issued a 5% stock dividend on common shares. LD Food's stock traded at $7/share after the dividend.

Required:

Record the journal entries for the above transactions occurring in 2021.