The following shareholders' equity accounts are reported by Branch Inc. on January 1: Common shares (unlimited authorized, 150,000 issued) Preferred shares ($4 cumulative, convertible 100,000 authorized, 5,000 issued) Contributed surplus-reacquisition of common shares Retained earnings $2,400,000 375,000 30,000 1,275,000 The following selected transactions occurred during the year: Feb. 11 Issued 50,000 common shares at $20 per share. Mar 2 Reacquired 20,000 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 50,000 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. Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 Dec. 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 for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, eg. 15.25 and final answers to decimal places, eg. 5,276.) Debit Credit Date Account Titles and Explanation (Issued common shares for cash.) Mar. 2 (To record reacquisition of common shares.) (To record reacquisition of preferred shares.) Sept. 16 (To record reacquisition of common shares.) (To record declaration of stock dividend.) (To record distribution of stock dividend.)