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Listen Developments Inc. ended 2019 with Retained Earnings of $75,000. During 2020, the company earned net 2) Kit Kate Services Corporation began 2020 with the following account balances: income of $135,000 and declared dividends of $45,000. The company ended 2019 with $35,000 in common shares and $15,000 in $1 preferred shares. Additional common shares were sold in 2020 for $25,000. Complete Common shares, 150,000 shares authorized, 100,000 outstanding $2,175,000 Listen Developments Inc.'s statement of shareholders' equity for the year ended December 31, 2020. (7 Marks) Contributed surplus share repurchase 10,000 Retained earnings 750,000 Listen Developments Inc. Statement of shareholders' Equity In January 2020, Kit Kate Services Corporation reported the following transactions: For the Year Ended December 31, 2020 Jan. 10 Reacquired 5,000 of its own shares for $25 per share. Total shareholders' 20 Sold 3,000 of the reacquired shares for $28 per share. Common Shares Preferred Shares Retained Earnings Equity 30 Reacouired 2,000 of its own shares for $20.75 per share. Balance, December 31, 2019 instructions: Record journal entries for the above transactions (no explanations required) (8 Marks). Balance December 31, 2020