QUESTION THREE (10 points, 18 minutes) The December 31, 2017 balance sheet of Randy Inc. included the following in Shareholders Equity: Common shares, 80,000 shares issued and outstanding Preferred shares, cumulative, $4, 6,000 shares issued and outstanding Retained earnings $1,000,000 600,000 1,500,000 49,500 ontributed surplus - Common share repurchases Randy Inc. engaged in the following transactions during 2018: January 1: Issued 20,000 common shares in exchange for $800,000 cash. May 30: Declared cash dividends on common shares totaling $72,000. July 20: Paid the cash dividends declared on May 30. September 15: Declared and distributed a 2% stock dividend. Randy's common shares were trading at $50 per share on that date. December 1: Paid $850,000 to repurchase and cancel 18,000 common shares that had a total average issue cost of $335,500. Other information is presented below: a. 2018 net income totaled $2,650,000. b. Randy Inc. did not pay any dividends in 2017. Required: Prepare the Shareholders' Equity section of the Randy balance sheet as at December 31, 2018. Be careful to show all of your work