Question 5: 6 marks (15 minutes) On January 1, 20x1, Raven Ltd. had 40,000 shares of common shares issued and outstanding. The book value of those shares was $600,000. Furthermore, they had 10,000 $3, cumulative, preferred shares issued and outstanding which had a book value of $200,000. The following transactions took place in 20x1: Feb 28 - Issued 20,000 common shares for $500,000 Jun 1 - Repurchased and cancelled 20,000 shares at $20.00 each. Jun 30 - A 2:1 stock split was announced Dec 15 - Declared a dividend of $2.00/share to shareholders of record on Dec 31. Required - Prepare all journal entries to record the above transactions. Round to two decimal points on any calculations. Enter your answers in this section Account Debit Credit