Page 1 Question 3 (4 points) Listen 1 Page 2 2 Page 3: 3 The December 31, 2018 balance sheet of Randy Inc. Included the following in Shareholders' Equity Common shares. 80.000 shares outstanding $ 1.000.000 Preferred shares, cumulative, S4, 6,000 shares outstanding 600.000 Retained earnings 1,500,000 Contributed Surplus-repurchase 49,500 Additional information regarding Randy Inc, during 2019 was made available: January 1: Issued 20,000 common shares in exchange for $800,000 cash. May 30: Declared cash dividends at a total of $120,000. September 15: Declared and distributed 2% stock dividends when the market was trading at $50 per share. October 20: Paid cash dividends declared on May 30. December 1: Paid $850,000 to repurchase and cancel 18,000 common shares that had been initially issued for $700,500. Note: 2019 net income totaled $2,650,000. Randy Inc. didn't pay any dividends in 2018 Required: Prepare journal entry to record event on December 1, 2019 for Randy Inc. Page 4: 4 se 5