The following shareholders' equity accounts are reported by Sheridan Inc. on January 1: Common shares (unlimited authorized, 160,500 issued) $2,568,000 Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,700 issued) 427,500 Contributed surplus-reacquisition of common shares 31,400 Retained earnings 1,267,000 The following selected transactions occurred during the year: Feb. 11 Issued 53,500 common shares at $20 per share. Mar. 2 Reacquired 20,200 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 450 preferred shares at $70 per share. Reacquired 53,500 common shares for $17 per share. Sept. 16 Oct. Dec. 27 23 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. 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 Mar. 2 (Issued common shares for cash.) (To record reacquisition of common shares.) Debit The visine was sold Credit Sept. 16 (To record reacquisition of preferred shares.) (To record reacquisition of common shares.) (To record declaration of stock dividend.) (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. Shareholders' equity Sheridan Inc. Partial Balance Sheet