Pine Inc. (Pine) had the following shareholders equity account balances on January 1, 2021:

Common shares, unlimited authorization,

210,000 shares issued - $1,680,000

Preferred shares - $2.50 cumulative,

100,000 shares authorized, 15,000 issued - $562,500

Contributed Surplus (Credit balance) - $ 30,000

Retained earnings - $1,200,000

All shares were issued between 2017 and 2019. The last time the company declared and paid any dividends was December 31, 2019. All preferred dividends were satisfied on that date.

The contributed surplus arose from past common share transactions. The following transactions took place during 2021:

1. On January 1, the company issued 25,000 common shares and received $225,000.

2. On March 1st, the company acquired a piece of land in exchange for common shares. The land had a fair value of 200,000. The company issued 20,000 common shares.

3. On June 30th, the company declared and distributed a common stock dividend of 5 %. The market value on June 30th was determined to be $11.00 pershare,

4. On August 1st, the company bought back and cancelled 13,000 of its common shares for $10.50. per share.

5. On September 1st, the company issued 20,000 common shares and 5,000 preferred shares for cash. The cash proceeds received totaled $480,000. The fair value of the common shares was deemed to be $14.00 per share on September 1st .

6. On November 1st, the company bought back 10,000 shares from one of the original shareholders and the founder of the company. The company paid $17.00 per share.

7. On December 1st, the companys board of directors declared cash dividends on both the preferred and common shares. The total amount of cash allocated for dividend distribution was $400,000.

8. On December 20th, the cash dividend was paid to the shareholders.

9. Net income for the year was $650,000.

Required: 1. Prepare any journal entries for the above noted transactions/events for 2021. While no explanations are required, calculations must be provided. If no entry is required, state so and explain why. 2. Provide the balance at December 31st, 2021 for the following accounts:

a. Common shares

b. Preferred shares

c. Retained earnings

d. Contributed surplus