Problem #2 The shareholders' equity section of Alumni Inc. is shown below: Shareholders' Equity Share Capital Statement of Financial Position (partial) December 31, 2021 $2 noncumulative Preferred Shares, 50,000 shares authorized, 10,000 shares issued Common shares, unlimited number authorized, 500,000 issued Total Share Capital.. Retained earnings... Total Shareholders' Equity During 2022 Alumni had the following transactions: 1. Jan 10 2. Jul 1 3. Oct 15 4. Dec 31 Instructions $ 650,000 2.100.000 2,750,000 975,000 $3,725,000 Declared a $2 cash dividend to preferred shareholders, payable February 10. Split the common shares 2-for-1. The market price per share was $4.75. Declared a 10% stock dividend to common shareholders of record at November 5 to be distributed November 22. The share price on declaration was $2.50 per share and $2.25 on the distribution date. Net Income of $575,000. (a) Prepare the appropriate journal entries. (12 marks) (b) i) What is the value of the preferred shares on December 31, 2022? (1 mark) ii) What is the value of the legal capital related to the Common Shares on December 31, 2022? (2 marks) iii) What is the balance in the retained earnings account on December 31, 2022? (3 marks) iv) How many common shares were issued at December 31, 2022? (2 marks)