This is new chapter hope can get some explanation on this one

Bionic Company's shareholder's equity contained the following items on 12/31/X1. Common Stock- $2 par value, 500,000 shares authorized, 60,000 issued and outstanding $120,000 Paid in Capital in Excess of Par-common $600,000 Preferred Stock10% noncumulative, $5 par value, 90,000 shares authorized, 20,000 issued and outstanding $100,000 Retained Earnings $700,000 Total Shareholder's Equity $1,520,000 During 20x2 Bionic had the following transactions: 20Jan Issued 10,000 additional shares of preferred stock and received 100,000. 20Feb Declared dividends of $3 per share common stock with 3/15 record date and 3/31 payment date. 31-Mar Paid the common dividends declared on February 20th. 15-Apr Purchased 20,000 of its own common shares for $180,000. 30Jun Declared preferred dividends of 10% par value. Record date is 7/15 and payment date 7/31. 31-Jul Paid the preferred dividends declared June 30th. 31-Dec Closed $5 million of earnings from the income summary into retained earnings. 3. Prepare journal entries for 20x2. b. Prepare a statement of retained earnings for the year ending 12/31/X2. c. Prepare the shareholder's equity section from Sonic Company's balance sheet 12/31/X2