Question 2 of 5 < View Policies Current Attempt in Progress The following shareholders' equity accounts are reported by Sunland Inc. on January 1: Common shares (unlimited authorized, 162,000 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,800 issued) Contributed surplus-reacquisition of common shares Retained earnings The following selected transactions occurred during the year: $2,592,000 435,000 31,600 1,268,000 -/1 E Split the common shares 2 for 1 when the common shares were trading at $30 per share. Reacquired 460 preferred shares at $70 per share. Feb. 11 Issued 54,000 common shares at $20 per share. Mar. 2 Reacquired 20,300 common shares at $22 per share. June 14 July 25 Sept. 16. Oct. 27 Dec. 13 13 Reacquired 54,000 common shares for $17 per share. Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $19 per share. Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $21 per share. (a)