The following shareholders' equity accounts are reported by Sandhill Inc. on January 1: Common shares (unlimited authorized, 165,000 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 6,000 issued) Contributed surplus-reacquisition of common shares Retained earnings $2,640,000 450,000 32,000 1,270,000 The following selected transactions occurred during the year: 11 2. 14 Feb. Mar. June July Sept. Oct. 25 16 Issued 55,000 common shares at $20 per share. Reacquired 20,500 common shares at $22 per share. Split the common shares 2 for 1 when the common shares were trading at $30 per share. Reacquired 480 preferred shares at $70 per share. Reacquired 55,000 common shares for $17 per share. 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. 27 Dec. 13 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, eg. 15.25 and final answers to decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit Feb. 11 Cash 1100000 Common Shares 1100000 (Issued common shares for cash.) Mar. 2 Contributed Surplus - Reacquisition of Common Shares 451000 Cash 451000 (To record reacquisition of common shares.) July 25 Contributed Surplus - Reacquisition of Preferred Shares 33600 Cash 33600 Tarocard reaccition of (To record reacquisition of preferred shares.) Sept. 16 Contributed Surplus - Reacquisition of Common Shares 935000 Cash 935000 (To record reacquisition of common shares.) Oct. 27 Retained Earnings 326800 326800 Cash Dividends - Common (To record declaration of stock dividend.) Cash Dividends - Common Dec. 13 326800 326800 Common Shares (To record distribution of stock dividend.) Show how each class of shares will be presented in the shareholders' equity section of the balance sheet at December 31. Sandhill Inc. Partial Balance Sheet Shareholders' equity $