The following are selected transactions of Lily Corp. that took place during 2014 (prior to the entries below, the following was listed on the statement of financial position: Common Shares: 100,000 shares; value $1,000,000; Contributed Surplus 0; Retained Earnings $600,000). Jan. 1 Issued 100,000 common shares for $1,100,000 in total. Mar. 1 Issued 100,000 common shares for $12 per share. Apr. 1 Repurchased 10,000 shares and canceled them since the selling price dropped on the stock exchange to $13 per share. (Average selling price needs to be calculated)

May. 1 Offered blocks of 50 common shares for a price of $500 per block. 30% down payment required with the remainder due on June 1. Sold 1,000 blocks.

Jun 1 Received payment outstanding for the subscribed shares and issued the shares immediately.

Oct. 1 Declared a 5% share dividend and the share price is currently $11 to be distributed on Oct 15th.

Oct. 15 Issued the share dividend form Oct 1.

Required: a) Prepare the journal entries required for the above transactions

b) Prepare a journal entry for April 1st if there had of been only $1,000 in the contributed surplus account. c) Prepare the journal entry required on Jun 1 if 10% of the purchasers defaulted on their payment and the contract stated that no refunds would be allowed and there would be no pro-rata shares issued.