The following is an extract from the balance sheet of Devlin Ltd. as at December 31, 2021:

The company did not declare dividends on preferred shares in 2021. Transactions in 2022 include the following:
i. March 15: Devlin purchased 10,000 preferred shares on the stock exchange for $11.50 per share and held these in treasury.
ii. March 28: The company redeemed 15,000 preferred shares directly from shareholders for $12.00 per share and immediately cancelled them.
iii. July 1: The market price of common shares shot up to $45 per share, so Devlin decided to split the common shares four to one.
iv. August 1: Devlin cancelled 8,000 preferred shares that were held in treasury.
v. December 31: The company declared dividends of $1.00 per preferred share and $0.10 per common share.

Required:
Assume that Devlin follows the guidance in ASPE pertaining to accounting for equity transactions. Prepare the journal entries to record the above transactions. The company uses the single-transaction method to account for treasury shares.

Shareholders' equity Preferred shares, $1 per share non-cumulative dividend, redeemable at $12 per share, 500,000 authorized, 50,000 issued and outstanding Contributed surplus-preferred shares, from share repurchases and resales Common shares, 10,000,000 authorized, 1,000,000 issued and outstanding Retained earnings Total shareholders' equity $ 500,000 150,000 2,637,489 12,649,187 $15,936,676