Question 3 (21 Marks) On January 1, 2020, the accounts of Maleficent Moir Limited reflected the following: Preferred shares, $1 non-cumulative 12,000 shares outstanding. $240,000 Contributed capital from preferred share transactions Snil Common shares, 360,000 shares outstanding. $738,000 Contributed capital from common share transactions 220,000 Retained earnings 636,000 The following transactions occurred during 2020: Feb 5 48,000 common shares bought and retired for $6 per share Feb 26 6000 preferred shares bought and retired for $27 per share May 5 16,000 common shares bought and retired for $1 per share June 25 1200 preferred shares bought and retired for $24 per share July 15 20,000 common shares were issued for $12.32 per share Nov 5 8000 common shares bought and retired for $14 per share Dec 24 Declared a dividend of $1.25 per share to common shareholders Required: Prepare entries to record the above transactions