PART THREE: At the end of December 31, 2022, the shareholder's equity was as follows for ABZ Inc.: $755,000 $2 Preferred Shares (37,500 shares issued and outstanding; cumulative, nonparticipating, and convertible into two common shares for each preferred share Common Shares (100,000 shares issued and outstanding) Retained Earnings AOCI: OCI unrealized gains from investments Total Shareholders' Equity 500,000 1,500,000 80,000 $2,835,000 Earnings for 2021 had been $725,000 which includes the comprehensive income of $120,500 from an unrealized gain on an investment of $425,500. Basic earnings per share was $1.25: Net Earnings Preferred dividend (37,500 shares x 2) Earnings attributable to common shares Earnings per share ($171,000-100,000 shares $725,000 (75,000) $171,000 $1.71 In 2022 the company paid $2 per share preferred dividends and also paid $90,000, or $0.75 per share, in dividends to common shareholders. Dividends are reported in total and per share in the financial statements. On April 1, 2023, ABZ Inc. executed a 3-for-1 split of its common shares. All shares contracts were revised to reflect this split. On July 15, 2023, the company repurhased and retired 7,500 common share at $9 per share. Required: 1. After the split of common shares how many common shares will the holder of 2,500 preferred shares receive on conversion? 2. Prepare the journal entries to record the 2023 share purchase. 3. When the company prepares its comparative financial statements for 2023, what amounts will be reported for 2020 earnings per share. What amount would be reported for 2020 cash dividends per common share