Pr. 15-149 Share retirement and stock dividends Sudan Enterprises Inc. reported the following shareholder's equity at December 31,2016: Contributed Capital Preferred shares, $1, no par value, 100,000 shares authorized, cumulative, callable at $107 plus dividends in arrears; issued and outstanding, 20,000 shares $2,040,000 Common shares, no par, 100,000 shares authorized, 80,000 issued and outstanding 640,000 Contributed surplus (retirement of common shares) Retained earnings 120,000 1,600,000 The following transactions took place in 2017: Redeemed 1,000 preferred shares at the call price. There were no dividends in Declared $100,000 in dividends. Use separate accounts for each class of Retired 8,000 common shares at $12 per share. Jan 20 arrears Jan 28 dividends. Feb 28 Mar 2 Declared and distributed a 3% common stock dividend. The market value of the shares at that time was $11.50 Instructions Prepare journal entries for the 2017 transactions