QUESTION 2 (20 marks) At the start of the year, Birchwood Corporation reported the following opening balances in Shareholder's Equity: Contributed Capital $70,000 Preferred shares, $4.00, 500,000 authorized, 2,000 issued and outstanding Common shares, 1,000,000 authorized, 50,000 issued and outstanding 200,000 Contributed Surplus-share repurchase 1,000 Total Contributed Capital $271,000 402,000 Retained Earnings Total Shareholder's Equity $673,000 The following share transactions took place for the year ended Oct 31, 2021. Jan 15 Declared a 10% common stock dividend. Market value was $6.50 per common share. Feb 8 Issued the common stock dividend. April 4 Sept 30 The Company sold 1,000 of its common shares for $8.00 per share. Underwriter's commissions of $500 was expensed. The Company repurchased 400 of its common shares for $10 per share from a shareholder who was having financial difficulties. Use average share price of $5.00. Oct 4 Split the common shares 2 for 1 Oct 31 Income Summary shows a balance of $67,500 Cr. and requires closing. 3 Required a) Record the above entries. If an entry is not required, clearly state this. (15 marks) b) Using a T-account, determine the ending dollar balance in the common shares account as at Oct 31, 2021. Clearly show all relevant transactions from part a) (5 marks) Common Shares Cr