The shareholder's equity section for Summer Corp. showed the following balances on December 31, 2014: Preferred shares, $2.50 non-cumulative, unlimited shares authorized Common shares, unlimited shares authorized, 100,000 shares issued and outstanding. Retained earnings. 800,000 1,080,000 The company completed these transactions during 2015: 10-Jan Issued 20,000 common shares at $12 cash per share. The directors declared a 10% share dividend to the January 30 shareholders of record, distributable on February 15. The market price of the shares on January 15 was $12.25. 15-Jan 15-Feb Distributed the share dividend. The directors declared a $1.50 per share cash dividend payable on March 31 to the March 15 shareholders of record. 2-Mar 31-Mar Paid the dividend declared on March 2 The directors announced a 3:1 share split to the April 20 shareholders of record. The shares were trading just prior to the announcement at $12.50 per share. 10-Apr 11-Nov Issued 12,000 preferred shares at $25 per share. The board of directors declared total dividends of $228,000 payable December 15, 2015. 1-Dec 15-Dec Paid the dividend declared on December 1. Closed the $1,450,000 credit balance (net income) in the Income Summary account and any other necessary closures 31-Dec Required 1. Prepare general journal entries to record the transactions and closings for 2015 "Explanations are not necessary" 2. P Prepare a statement of retained earnings for 2015 3. 3. Prepare the shareholders equity section of the company's balance sheet as of December 31, 2015