The following shareholders' equity accounts are reported by Blossom Inc. on January 1: Common shares (unlimited authorized, 168,000 issued) $ 2,688.000 Preferred shares ($4 cumulative, convertible, 100,000 authorized, 6,200 issued) 465,000 Contributed surplus-reacquisition of common shares 32.400 Retained earnings 1,272,000 The following selected transactions occurred during the year: Feb. 11 Issued 56,000 common shares at $ 20 per share. Mar. 2 Reacquired 20,700 common shares at $ 22 per share. June 14 Split the common shares 2 for 1 when the common shares were trading at $ 30 per share. July 25 Reacquired 500 preferred shares at $ 70 per share. Sept. 16 Reacquired 56,000 common shares for $ 17 per share. Oct. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $ 19 per share. Dec. 13 Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $ 21 per share. Prepare journal entries for the transactions. (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. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit eb. 11 Cash 1120000 Common Shares 1120000 (Issued common shares for cash.) Mar. 2 Common Shares 351900 Contributed Surplus - Reacquisition of Common Shares 32,400 Retained Earnings 71100 Cash . 455400 (To record reacquisition of common shares.) July 25 Preferred Shares 37500 Contributed Surplus - Reacquisition of Preferred Shares 2500 Cash 35000 (To record reacquisition of preferred shares.) Sept. 16 Common Shares 476000 Retained Earnings 476000 Cash 952000 (To record reacquisition of common shares.) Oct. 27 Stock Dividends 333070 Stock Dividends Distributable 333070 (To record declaration of VIRUIJI ILI Ue Oct. 27 Stock Dividends 333070 Stock Dividends Distributable 333070 (To record declaration of stock dividend.) Dec. 13 Stock Dividends Distributable 333070 Common Shares 333070 (To record distribution of stock dividend.) (b) Show how each class of shares will be presented in the shareholders' equity section of the balance sheet at December 31. Blossom Inc. Partial Balance Sheet For the Year Ended December 31 Shareholders' equity Share Capital $ Retained Earnings Save for Later Last saved 50 seconds ago. Attempts: 0 of 2 used Submit Answer Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes