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The following shareholders' equity accounts are reported by Oriole Inc. on January 1:

Common shares (unlimited authorized, 157,500 issued)		$ 2,520,000
Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,500 issued)		412,500
Contributed surplusreacquisition of common shares		31,000
Retained earnings		1,265,000

The following selected transactions occurred during the year:

Feb.		11		Issued 52,500 common shares at $ 20 per share.
Mar.		2		Reacquired 20,000 common shares at $ 22 per share.
June		14		Split the common shares 2 for 1 when the common shares were trading at $ 30 per share.
July		25		Reacquired 430 preferred shares at $ 70 per share.
Sept.		16		Reacquired 52,500 common shares for $ 17 per share.
Oct.		27		Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $ 19 per share.
Dec.		13		Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $ 21 per share.

Prepare journal entries for the transactions.

Show how each class of shares will be presented in the shareholders equity section of the balance sheet at December 31.

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