Problem #5 (20 Marks): On January 1, 2019, the JDS Corporation had 30,000 of common shares outstanding originally issued at $610,600. The corporation is authorized to issue an unlimited number of common shares. The balance of retained earnings on that date was $980,800. The following transactions occurred during the year. Calculate average cost to the nearest $0.01: Jan. 16 Sold 6,000 common shares to investors at $9.00 per share in cash. Mar. 20 Bought back (repurchased) 2,000 of its own common shares from investors at $23.00 per share with cash. Sept. 6 Board of Directors declared a 10% stock dividend to common shareholders owing shares as of Sept 15. The market price per common share was $15.00 on September 5 and the stock dividend was distributed to shareholders on October 3. Nov. 7 Board of Directors declared a $0.30 per share cash dividend to common shareholders. The date of record was November 15 and the payment date occurred on November 29. Dec. 31 The Corporation reported a net loss for the year of $70,000. Instructions a) Prepare the journal entries related to the above transactions. Calculate to the nearest dollar. b) Prepare the shareholders' equity section of the balance sheet on December 31, 2019