P13-20. Accounting for contributed capital (L.O. 13-3) (Medium - 15 minutes) 24 Cambridge Corp. has a single class of shares. As at its year ended December 31, 2021, the company had 2,500,000 shares issued and outstanding. On the stock exchange, these share were trading at around $10 per share. In the company's accounts, these shares had a value o $30,000,000. The equity accounts also show $450,000 of contributed surplus from previou repurchases of shares. On January 15, 2022, Cambridge repurchased and cancelled 100,000 shares at a cost of $1 per share. Later in the year, on August 20, the company repurchased and cancelled a furth 300,000 shares at a cost of $15 per share, Required: Assume that Cambridge follows the guidance in ASPE pertaining to accounting for equ transactions. Record the journal entries for the two share transactions in 2022. P13-20. Accounting for contributed capital (L.O. 13-3) (Medium - 15 minutes) 24 Cambridge Corp. has a single class of shares. As at its year ended December 31, 2021, the company had 2,500,000 shares issued and outstanding. On the stock exchange, these share were trading at around $10 per share. In the company's accounts, these shares had a value o $30,000,000. The equity accounts also show $450,000 of contributed surplus from previou repurchases of shares. On January 15, 2022, Cambridge repurchased and cancelled 100,000 shares at a cost of $1 per share. Later in the year, on August 20, the company repurchased and cancelled a furth 300,000 shares at a cost of $15 per share, Required: Assume that Cambridge follows the guidance in ASPE pertaining to accounting for equ transactions. Record the journal entries for the two share transactions in 2022