1. Shilohs Entertainment has the following Shareholders Equity as of January 1, 2018:

Preferred Shares, 8% cumulative, 10,000 issued, 50,000 authorized $ 500,000

Common Shares, 250,000 issued, unlimited authorized 1,000,000

Contribution Surplus Common Shares 45,000

Retained Earnings 2,500,000

Accumulated Other Comprehensive Income 150,000

During the year the following transactions occurred:

• A buyback of 5,000 common shares at a market value of $50 per share;
• A 10% common stock dividend was declared and paid at a market value of $49 per share;
• A 2:1 common share stock split was declared and paid, after the split the market valve of a share was $25;
• Issued 5,000 common shares at a market value of $27 per share and there was a $5,000 legal fee associated with the issuance;
• Bought a piece of specialized equipment with a fair value of by issuing 5,000 common shares at a market price of $26 per share.

Required: Based on the above information

1. Prepare ALL the journal entries for the year pertaining to Shilohs Shareholders Equity;
2. Complete the Shilohs 2018 Changes to Shareholders Equity (denoting number of shares outstanding for both Preferred and Common Shares).