The December 31, 2019 balance sheet of Randy Inc. included the following in Shareholders' Equity: Common shares, 70,000 shares issued and outstanding Preferred shares, cumulative, $3, 5,000 shares issued and outstanding Retained earnings $1,000,000 $ 600,000 $1,500,000 Contributed Surplus- repurchase $49,500 Additional information regarding Randy Inc. during 2020 was made available: January 1: Issued 40,000 common shares in exchange for $800,000 cash. May 30: Declared cash dividends at a total of $140,000. September 15: Declared and distributed 2% stock dividends when the market was trading at $50 per share. October 20: Paid cash dividends declared on May 30. December 1: Paid $880,000 to repurchase and cancel 16,000 common shares that had been initially issued for $272,371. 2020 net income totaled $2,680,000. Randy Inc. didn't pay any dividends in 2019.