Stellar Corp. had the following shareholders equity on January 1, 2020:

Common shares, unlimited number authorized, 100,000 shares issued and outstanding		$	279,000
Contributed surplus			298,000
Retained earnings			2,100,000
Total shareholders equity		$	2,677,000

The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Stellar prepares financial statements in accordance with ASPE. The following transactions occurred, in the order given, during 2020.

1.		Subscriptions were sold for 13,700 common shares at $28 per share. The first payment was for $8 per share.
2.		The second payment for the sale in item 1 above was for $20 per share. All payments were received on the second payment except for 2,000 shares.
3.		In accordance with the subscription contract, which requires that defaulting subscribers have all their payments refunded, refund cheques were sent to the defaulting subscribers. At this point, common shares were issued to subscribers who had fully paid on the contract.
4.		Repurchased 22,340 common shares at $27 per share. They were then retired.
5.		Sold 5,600 preferred shares and 3,900 common shares together for $308,000. The common shares had a fair value of $30 per share.
No.	Account Titles and Explanation	Debit	Credit
1.
2.
3.
	(To record refund to defaulting subscribers)
	(To issue shares fully paid on subscriptions)
4.
5.