As of January 1, 2021, the equity section of GFF Educational Inc.’s balance sheet contained the following:

■ On March 1, 2021, GFF repurchased and cancelled 1,000 preferred shares at $120 per share.
■ On June 30, 2021, GFF spent $500,000 to repurchase 100,000 common shares. These shares were cancelled immediately.
■ On November 15, 2021, GFF issued a 15% stock dividend on common shares. GFF’s stock traded at $8 per share after the dividend.
■ On December 15, 2021, GFF declared the annual cash dividends on the preferred shares, payable on January 2, 2022.

Required:

Assume that GFF follows the guidance in ASPE pertaining to accounting for equity transactions. Record the journal entries for the above transactions occurring in 2021.

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Preferred stock, $4 non-cumulative dividend, 2,000,000 shares authorized, 10,000 issued and outstanding Common stock, unlimited shares authorized, 1,000,000 issued and outstanding Contributed surplus-from repurchase and cancellation of common shares Contributed surplus-from repurchase and cancellation of preferred shares Retained earnings Total shareholders' equity $1,000,000 4,000,000 450,000 10,000 3,540,000 $9,000,000