Question 2 Donutland Ltd. reported the following on their balance sheet for the year-ending December 31, 2020: Donutland Ltd. Partial Balance Sheet As at December 31, 2020 Contributed Capital Preferred shares, $1.50, cumulative, 200,000 shares authorized, 23,000 shares issued and outstanding $230,000 Common shares, unlimited number or shares authorized, 28,000 shares issued and outstanding 140,000 Total contributed Capital 370,000 Retained Earnings 215.000 Total Shareholders' Equity 585,000 On January 27, 2021, Donutland sold 5,000 new common shares for $6.00 per share. With the additional cash from their share sale, Donutland's board of directors declared a cash dividend of $118,500 on May 14, 2021 for the shareholders of record on May 24, 2021. The dividend will be paid on June 11, 2021. The last time cash dividends were paid by the company was in 2019. At the end of the year, the board of directors wanted to further compensate their shareholders. On December 1, 2021, Donutland's board of directors declared a 20% stock dividend on the common shares, distributable on December 31, 2021 to the shareholders of record on December 15, 2021. The market value of Donutland's shares on December 1, 2021 were $6.50 per share. Required: (be sure you complete both part a) and b) on the following page) a) Record the necessary journal entries based on the above information (no explanations are required). If there is no journal entry required on a date mentioned, indicate so on the appropriate date. (11 marks) b) Using your solution from part a), indicate the cash dividend amount per share received by the common shareholders. Do no round. (2 marks)