Page 9 of 20 art 4: Shareholders' Equity (19 marks) The capital structure of Indiana Jones Corp. at December 31, 2016 is as follows: $1,600,000 Preferred shares, $1 cumulative, fully-participating, 100,000 shares authorized, 20,000 shares issued and outstanding Common shares, unlimited number of shares authorized, 200,000 shares issued and outstanding Contributed surplus Common share reacquisitions Retained earnings 2,000,000 40,000 2,150,000 The following transactions took place during 2017: 29-Feb To celebrate the leap year, the Board declared total dividends of $350,000 for the 2017 year to be paid on March 15, 2017. Be sure to indicate the allocation of the dividend between the preferred and common shares. 01-Apr Issued 5,000 common shares and 3,000 preferred shares for total price of $327,000. On this day, each common share was selling at $13.50 per share and each preferred share was selling at $90 per share. 31-Jul 4,000 common shares were purchased from shareholders for a price of $22 per share. 22-Aug Issued 1,000 preferred shares for machinery with a fair value of $50,000 and a patent with a fair value of $40,000. The book value of the machinery is $60,000. At the time of the transaction, the preferred shares were trading at $75. Preferred dividends are in arrears for 2015 and 2016. Required: Prepare the necessary journal entries to account for all of the shareholders' equity transactions during 2017