Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized, 100,000 shares issued and outstanding $ Contributed surplus 274,000 304,000 Retained earnings Total shareholders' equity 2,390,000 $ 2,968,000 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 10,400 common shares at $28 per share. The first payment was for $9 per share. 2. 3. 4. The second payment for the sale in item 1 above was for $19 per share. All payments were received on the second payment except for 1,700 shares. 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. Repurchased 21,740 common shares at $31 per share. They were then retired.