Shareholders' Equity Part A: When Bouncy Corporation was formed on January 2, 2019, the corporate charter authorized the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, cumulative, nonparticipating preferred stock On January 5, 2020, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per Share Also on January 2, all 1 000 000 shares of preferred stock are issued at $20 per share. During 2020, the Bouncy Corporation participated in three treasury stock transactions a On February 20, 2020 the corporation reacquires 200 000 shares for the treasury at a price of $12 per share b. On March 10, 2020, 50,000 treasury shares are reissued at $15 per share C On March 18, 2020,40,000 treasury shares are reissued at $10 per share On March 30, 2020, the Bouncy Corporation declares a $.05 per share cash dividend on common stock and a $ 25 per share cash dividend on preferred stock. Payment is scheduled for June 1, 2016, to shareholders of record on May 15, 2020 Required: 1. Prepare journal entries to record these transactions 2. Prepare the Bouncy Corporation shareholders' equity section as it would appear in a balance sheet prepared at March 30, 2020. (Assume net income for the first quarter was $1.000.000.) Suppose Bouncy Co declared a 5% common stock dividend instead of a cash dividend on March 30, 2020 when the common stock was trading at $10 per share. Assume a S 25 per share cash dividend was declared for preferred stock on the same date What entry would Bouncy Co make