The following shareholders' equity accounts are reported by Pharah Inc. on January 1: Common shares (unlimited authorized, 142,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 4,500 issued) Contributed surplus-reacquisition of common shares Retained earnings $2,137,500 337,500 29,000 1,255,000 The following selected transactions occurred during the year: Feb. Mar. June July Sept. Oct. 11 2 14 25 16 27 Issued 47,500 common shares at $19 per share. Reacquired 19.000 common shares at $21 per share. Split the common shares 2 for 1 when the common shares were trading at $29 per share. Reacquired 330 preferred shares at $70 per share. Reacquired 47.500 common shares for $16 per share. Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November The fair value of the common shares on October 27 was $18 per share