The shareholders' equity section of Tram Inc. as at December 31, 20x3 is as follows: Common shares, 2,000,000 shares outstanding Contributed surplus - Common Share Repurchases Retained Earnings The following transactions took place during 20x4: Jan 2 Feb 12 Mar 31 Apr 15 May 1 Jun 15 Sept 30 Nov 15 $15,000,000 375,000 6,100,000 Employees subscribed for 50,000 shares at $13 per share. A deposit of 10% was received on this date. Issued 250,000 shares for total cash proceeds of $2,200,000. Employees holding 47,000 share subscriptions submitted their 30% deposit on the share subscription plan. The 3,000 shares subscribed were cancelled due to employees leaving the company. Their deposits on the share subscription plan was refunded. Repurchased 70,000 common shares for $17 per share. The board of directors approved a 3:1 stock split. Issued 100,000 shares for total cash proceeds of $1,800,000. Employees holding 45,000 share subscriptions submitted their second 30% deposit on the share subscription plan. The 2,000 shares subscribed were cancelled due to employees leaving the company. Their deposits on the share subscription plan was refunded. Repurchased 120,000 common shares for $8 per share.