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Question 5: (20 marks) XYZ Co. has shares outstanding as per below per the December 31, 2020 equity section reported. Both classes of shares are listed on TSX. Preferred Shares, $3 cumulative, non-participating. 400,000 shares outstanding $14,800,000 Common Shares, 800,000 shares outstanding, authorized $1,000,000 $18,000,000 Contributed Surplus/ capital-preferred shares $100,000 Contributed Surplus/ capital-common shares $200,000 Retained earnings $24,000,000 The company didn't pay any preferred dividends for last 2 years. The following transactions took place impacting the shareholder's equity during 2021: January 25 Repurchased and retired 100,000 common shares for $27 per share March 31 Declared $6,000,000 in dividends April 15 Date of record June 30 Issued 100,000 common shares and 30,000 preferred shares for lumpsum of $5,000,000. At the time of issues both the common share was trading at $24/ share and the preferred share was trading at $42/share. November 15 Sold 100,000 common shares by subscription to 10 investors who purchased 10,000 shares at $25 cach. The subscription required 50% payment upfront in cash immediately with the balance to be paid on December 31, 2022. December 31 Paid the dividend declared on January 25. Required: Prepare all journal entries to reflect the 2021 transactions noted above. If no entry is required note no entry