Russell Inc. follows IFRS. Its December 31, 2019 trial balance includes the following balances: Preferred shares, $1, cumulative (11,000 shares issued) $300,000 Common shares (20,000 shares issued) $540,000 Contributed surplus - common share repurchase $ 6,000 Retained earnings $ 80.000 Accumulated other comprehensive loss ($22,000) The preferred dividends have been declared and paid up to and including 2017. Required: a) Prepare journal entries for Russell Inc. resulting from the following transactions (show all calculations): i) January 1, 2020: Repurchased 3000 common shares for $31 per share and cancelled them. ii) December 29, 2020: Declared and paid all preferred dividends that are outstanding. iii) December 30, 2020: Declared a 15% common stock dividend to be issued in January. The common shares were trading at $30 per share. b) Prepare a statement of changes in shareholders' equity in good form for Russell Inc. at December 31, 2020 including the number of shares outstanding. Russell Inc. had net income of $198,000 and other comprehensive income of $24,000 (unrealized gains on investments) during 2020