Hall Corporation is a private company that reports under ASPE. The balance sheet of the company for the year ended December 31, 2019 showed the following for the shareholders' equity section of the balance sheet: Shareholders' Equity Common shares, unlimited authorized, 100,000 shares issued Retained earnings Total Shareholders' Equity $ 600,000 720,000 $1.320.000 The following transactions relate to the fiscal year 2020 a) January 2, 2020 issued 200 (1,000 authorized) $5 preferred shares @ $100 each. b) May 10, 2020 - Reacquired 3,000 common shares for cash for $5.50 per share. c) June 15, 2020 - Reacquired 4,000 additional common shares for 6.50 per share. d) December 1, 2020 declared a total of $24,000 of cash dividends be paid to preferred and common shareholders of record on December 15, for payment on December 29, 2020 e) On December 30, the company discovered an error made in the previous year. A payment of $9,000 received from a customer in payment of their account, was entered in the books as revenue from sales. The error is considered material. Hall Corporation pays tax at 20% Required: 1. For each of the transactions above, prepare the required journal entries. Please note that explanations are not required for the journal entries. Please state if no entry is required where applicable. Please date all entries. 2. Prepare a Statement of Retained Earnings for the year ended December 31, 2020 assuming that the company reported a profit after tax (net income) of $97,000