P13-2B-Cash Dividends, Treasury Shares and Statement of Changes in Equity Baycore Corp. reports the following components of shareholders' equity on December 31, 2015. Share Capital-Ordinary, $1 par value, 160,000 shares authorized, 100,000 shares issued and outstanding Share Premium-Ordinary ........ Retained earnings .. . Total shareholders' equity ..... . $ 100,000 700,000 1,080,000 $1,880,000 It completed the following transactions related to shareholders' equity in year 2016. Jan. 10 Purchased 20,000 of its own shares at $12 cash per share, Mar. 2 Directors declared a $1.50 per share cash dividend payable on March 31 to the March 15 shareholders of record. Mar. 31 Paid the dividend declared on March 2. Nov. 11 Sold 12,000 of its treasury shares at $13 cash per share. Nov. 25 Sold 8,000 of its treasury shares at $9.50 cash per share. Dec. 1 Directors declared a $2.50 per share cash dividend payable on January 2 to the December 10 shareholders of record. Dec. 31 Closed the $536,000 credit balance (from net profit) in the Income Summary account to Retained Earnings. Required 1. Prepare journal entries to record each of these transactions for 2016. 2. Prepare a statement of changes in equity for the year ended December 31, 2016