Palliser Development Inc. showed the following equity account balances on the December 31, 2019 balance sheet:

Common shares, unlimited authorized shares, 660,000

shares issued and outstanding $ 4,130,000

Retained earnings $ 2,010,000

During 2020, the following transactions occurred:

1-Mar Repurchased and retired common shares. This is the first retirement recorded by Palliser

# of common shares repurchased 177,000

Price paid per share$ 7.60

1-MayDeclared a 2:1 share split to shareholders of record on May 12,

distributable on May 30

1-Nov Declared a 10% share dividend to shareholders of record on November 10, distributable November 30. The market prices of the shares follow:

1-Nov $ 4.60

10-Nov $ 4.24

30-Nov $ 4.72

31-Dec Closed the credit balance in the Income Summary account. The amount of the balance was 1291000

Required:

a. Journalize the transactions above

b. Prepare the statement of changes in equity

c. Prepare the equity section of the balance sheet