Question 4 The following shareholders' equity accounts are reported by Sunland Inc. on January 1: Common shares (unlimited authorized, 142,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 4,700 issued) Contributed surplus-reacquisition of common shares Retained earnings $2,137,500 352,500 29,400 1,257,000 The following selected transactions occurred during the year: Feb. 11 Issued 48,500 common shares at $20 per share. Mar. 2 Reacquired 19,200 common shares at $22 per share. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. July 25 Reacquired 350 preferred shares at $62 per share. Sept. 16 Reacquired 48,500 common shares for $18 per share. Oct. 27 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 $21 per share. Dec. 13 Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $22 per share. Prepare journal entries for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,276.) Prepare journal entries for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit Feb. 11 v Cash 970000 Common Shares 970000 Mar. 2 Common Shares Contributed Surplus - Reacquisition of Common Shar 29400 Retained Earnings Cash 384000 July 25 Preferred Shares Contributed Surplus - Reacquisition of Preferred Shar Cash Dec. 13 v Stock Dividends Distributable Common Shares Show how each class of shares will be presented in the shareholders' equity section of the balance sheet at December 31. Sunland Inc. Partial Balance Sheet December 31 Shareholders' equity Share Capital Common Shares $ Preferred Shares