The following shareholders' equity accounts are reported by Oriole Inc. on January 1: Common shares (unlimited authorized, 157,500 issued) $2,520,000 Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,500 issued) 412,500 Contributed surplus-reacquisition of common shares 31,000 Retained earnings 1,265,000 The following selected transactions occurred during the year: Feb. 11 Issued 52,500 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 430 preferred shares at $70 per share. Sept. 16 Reacquired 52,500 common shares for $17 per share. Oct. 27 Dec. 13 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 was $21 per share.