Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized, 100,000 shares issued and outstanding $ 277,000 Contributed surplus 316,000 Retained earnings 2,270,000 Total shareholders' equity $ 2,863,000 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 13,400 common shares at $ 26 per share. The first payment was for $ 8 per share. 2. The second payment for the sale in item 1 above was for $ 18 per share. All payments were received on the second payment except for 2,700 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 22,140 common shares at $28 per share. They were then retired. 5. Sold 5,500 preferred shares and 3,200 common shares together for $ 309,000. The common shares had a fair value of $ 31 per share. Your answer is partially correct. Prepare the journal entries to record the transactions for the company for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round average share price to 2 decimal places, 5.27 and final answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit 1. Cash Share Subscriptions Receivable Common Shares Subscribed 2. cash Share Subscriptions Receivable 3. Common Shares Subscribed Share Subscriptions Receivable Cash (To record refund to defaulting subscribers) Common Shares Subscribed Common Shares (To issue shares fully paid on subscriptions) 4. Common Shares Retained Earnings cash 5. Cash Common Shares Preferred Shares Assume that the subscription contract states that defaulting subscribers forfeit their first payment. Prepare the journal entries for items 2 to 4 above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round average share price to 2 decimal places, 5.27 and final answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit 2. Cash Share Subscriptions Receivable 3. Common Shares Subscribed Share Subscriptions Receivable (To record forfeit of payment from defaulting subscribers) Common Shares Subscribed Common Shares (lo issue shares fully paid on subscriptions) 4. Common Shares Retained Earnings Cash