Question 18 (23 points) ACME Incorporated, a publicly traded company with a December 31 year end, had the following equity balances at December 31, 2021: Shareholders' Equity $5 Preferred Shares, 1:1 Convertible to Class A Common, 500,000 authorized & outstanding $4 Preferred Shares, cumulative, 50% participating, 300,000 authorized & outstanding Class A Common Shares, unlimited authorized, 600,000 shares outstanding Class B Common Shares, unlimited authorized, 225,000 shares outstanding Contributed surplus - redemption of class B common shares Total paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity $2,500,000 1,500,000 3,000,000 900,000 50,000 $7,950,000 18,500,000 875,000 $ 27,325,000 No dividends have been declared for the last two years. During 2022, ACME had the following transactions: 1. February 28, declared and distributed a 5% stock dividend on the Class A common shares when the market value was $5.90 per share. 2. March 15, declared a 3:1 stock split on the Class A common shares. 3. April 01, reacquired and cancelled 25,000 Class B Common Shares at $8.00 per share. 4. September 01, 100,000 of the $5 Preferred Shares were converted to Class A Common Shares. 5. December 30, reacquired and cancelled 50,000 $4 Preferred Shares at $4.50 per share plus outstanding dividends. Required: Prepare the required journal entries for the above transactions. (23 marks)