The following shareholders' equity accounts are reported by Sunland Inc. on January 1: Common shares (unlimited authorized, 162,000 issued) $2,592,000 Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,800 issued) 435.000 Contributed surplus-reacquisition of common shares 31,600 Retained earnings 1,268,000 Feb. 11 Mar. 2 The following selected transactions occurred during the year: Issued 54,000 common shares at $20 per share. Reacquired 20,300 common shares at $22 per share. June Split the common shares 2 for 1 when the common shares were trading at $30 per share. July Reacquired 460 preferred shares at $70 per share. Sept. Reacquired 54,000 common shares for $17 per share. Oct. 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 14 25 16 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 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.) Date Debit Credit Account Titles and Explanation I (Issued common shares for cash.) Mar, 2 (To record reacquisition of common shares.)