On May 31, 2020, NOP Corporation's shareholders' equity section shows the following balances. NOP Corporation Balance Sheet (partial) As at May 31, 2020 Shareholders' Equity Contributed Capital Common shares, unlimited shares authorized, 29,000 shares issued and outstanding $116,000 Retained Earnings $640,000 Total Shareholders' Equity $756,000 Do not enter dollar signs or commas in the input boxes. Scenario 1 On May 31, 2020, after preparing the shareholders' equity section shown above, the company declared and immediately distributed a 80% stock dividend. The market price on the date of declaration was $7. The company recorded the stock dividends by debiting retained earnings. a) Calculate the ending balance of retained earnings after the stock dividend a) Calculate the ending balance of retained earnings after the stock dividend. NOP Corporation Calculation of Retained Earnings For the Month Ended May 31, 2020 Opening Balance 640000 Less: Stock Dividend 92800 Balance-May 31, 2020 547200 b) Prepare the shareholders' equity section of balance sheet as at May 31, 2020 (after the stock dividend has been distributed). NOP Corporation Balance Sheet (partial) As at May 31, 2020 Shareholders' Equity Contributed Capital Common shares, unlimited shares authorized, 52,200 shares issued and outstanding 208800 x Retained Earnings 547200 756000 Total Shareholders' Equity x Scenario 2 On May 31, 2020, after preparing the shareholders' equity section shown at the beginning of this question (excluding Scenario 1), the company implemented a 3-for-1 stock split. For this scenario, assume that the stock dividend in scenario 1 did not happen; consider only the original balance sheet. a) Calculate the number of outstanding shares. Outstanding shares: 87000 b) Prepare the shareholders' equity section of the balance sheet as at May 31, 2020 (after the stock split). shares NOP Corporation Balance Sheet (partial) As at May 31, 2020 Shareholders' Equity Contributed Capital Common shares, unlimited shares authorized, x shares issued and outstanding 208800 Retained Earnings Total Shareholders' Equity 547200 756000 x x S