Shareholders' Equity Journal Entries Transactions Analysis

SandhillCorp. reported the following amounts in the shareholders' equity section of its December 31, 2023, balance sheet: Preferred shares, $9 dividend (10,500 shares authorized, 2,100 shares issued) $218,400 Common shares (unlimited authorized, 25,000 issued)600,000 Contributed surplus55,000 Retained earnings250,000 Accumulated other comprehensive income77,000 Total$1,200,400 The contributed surplus arose from net excess of average cost per share over reacquisition cost on a previous repurchase and cancellation of common shares. During 2024, the company had the following transactions that affect shareholders' equity. Prepare the journal entries for the following transactions:(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) a.Paid the annual 2023 $9 per share dividend on preferred shares and a $4 per share dividend on common shares. These dividends had been declared on December 31, 2023. b. Purchased 3,500 shares of its own outstanding common shares for $36 per share and cancelled them.