Shareholders' Equity Question 26: Below is an excerpt from the balance sheet of Higgins Corporation for the year ended December 31, 2020: Higgins Corporation Balance Sheet Excerpt As at December 31, 2020 Shareholder's Equity $ Common Shares (100,000 shares issued and outstanding) 1,000,000 Contributed Surplus 50,000 Retained Earnings 5,000,000 Total 6,050,000 Higgins Corporation entered into the following share transactions during the year ended December 31, 2021. For each of the transactions below, please write the appropriate journal entry. If no journal entry is needed, please indicate this by writing "NO ENTRY NEEDED" (i.e., do not just leave the entry blank) A. January 15, 2021- A 2:1 stock split was declared. (2 marks) B. February 3, 2021- The directors of Higgins Corporation declared a 5% stock dividend on the company's common shares, payable on February 20 to shareholders of record on February 10. The market value on the declaration date was $26. (2 marks) C. February 20, 2021- Higgins Corporation distributed to its shareholders the stock dividend declared on February 3, 2021. (2 marks) D. May 1, 2021- Higgins Corporation repurchased 50,000 common shares for $5 per share. (3 marks) E. September 1, 2021- Higgins Corporation repurchased 75,000 common shares for $8 per share. (3 marks) F. December 21, 2021- The directors of Higgins Corporation declared a cash dividend of $3 per share on the company's common shares, payable on January 15 to shareholders of record on January 8. (2 marks)