Problem 14-3A Excel Spreadsheet Template Journalizing dividend and share. repurchase transactions, report- ing shareholders' equity 2. Total shareholders' equity, $435,000 The balance sheet of Gaitree Ltd. at December 31, 2016, reported 250,000 common shares authorized, with 75,000 shares issued and a Common Shares balance of $187,500. Retained Earnings had a credit balance of $150,000. During 2017, the company completed the follow- ing selected transactions: Mar. 15 Repurchased 10,000 of the company's own common shares at $2.75 per share. Apr. 29 Declared a 5 percent stock dividend on the 65,000 outstanding common shares to holders of record on May 2, with distribution set for May 16. The market value of Gaitree Ltd. common shares was $6.00 per share. May 16 Issued the stock dividend shares. Dec. 19 Split the common shares 2 for 1 by issuing one new share for each old share held on December 30, 2017 31 Earned net income of $125,000 during the year. 822 Part 3 Accounting for Partnerships and Corporate Transactions Required 1. Record the transactions in the general journal. Explanations are not required. 2. Prepare the shareholders' equity section of the balance sheet at December 31, 2017 3. Calculate the average issue price per share on December 31, 2017. Assume no shares were issued or repurchased after December 19, 2017