Please help with this question, don't know how to do it

Question One (16 Marks) Able Corporation had shareholders' equity on December 31, 2006, as follows: Preferred shares, 53 cumulative, unlimited shares authorized 50 Common shares, 1,000,000 shares authorized, 500,000 issued and outstanding 3,500,000 Contributed capital from retirement of common shares 4,000 Retain ed earnings 3,000,000 The following transactions occurred during 2007: x Feb 8 Purchased and retired 2000 common shares at $10 per share 15 The board of directors declared a 5% share dividend to shareholders of record on March 1, payable March 20. The shares were selling for $6 per share Mar 1 Date of record regarding the 5% share dividend 20 Date of distribution regarding the 5% share dividend Apr 5 issued 5,000 preferred shares at $20 per share May 1 A 520,000 cash dividend was declared by the board of directors to " Shareholders of record on May 20, payable June 1 5 June 1 The cash dividend declared on May 1 was paid Dec 31 Closed the $80,000 credit balance in the Income Summary account i 31 Closed the dividend accounts Required (a) Journalize the above transactions (b) Prepare the shareholders equity section of the balance sheet as of Dec 31, 20116