The shareholders' equity section of RE Inc. appears as follows at December 31, 2016: Contributed capital:...

The shareholders' equity section of RE Inc. appears as follows at December 31, 2016: Contributed capital: Preferred shares, $10 cumulative, unlimited shares authorized, 1,000 shares issued and outstanding $ 100,000 Common Shares, unlimited shares authorized, 22,000 shares issued and outstanding 660,000 Total contributed capital 760,000 Retained earnings 140,000 Total shareholders’ equity $ 900,000 The company was incorporated on January 1, 2016, and no dividends were declared in 2016.

BELOW ARE THE 2017 JOURNAL ENTRIES:

Jan 1 Purchased and retired 1,000 common shares at $28 per common share .

Mar 15 Issued 1,000 common shares for $41 each . April 1 Sold 2,000 preferred shares for $100 per share .

May 1 The directors declared a total cash dividend of $48,000 payable on June 1 to the May 31 shareholders of record

June 1 The cash dividend declared on May 1 was paid .

Jun 30 Purchased and retired 2,000 common shares at $33 per common share .

Nov 30 The directors declared a 10% common share dividend distributable on December 15 to the Dec 5 shareholders of record. The shares were trading at $35 per share on November 30 .

Dec 15 Date of distribution regarding the 10% share dividend .

Dec 31 Closed the $27,000 credit balance in the income summary account .

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