Question 2 (6 points) Saved Hinton Corporation's general ledger includes the following account balances as at December 31, 2019: Common Shares (50,000 shares issued) $500,000 Retained Earnings $785,000 Contributed Surplus $14,000 The Contributed Surplus account arose from net excess of proceeds over cost on a previous cancellation of common shares REQUIRED: Record the journal entries for each of the following subsequent common share transactions 2020. Round per share calculations to the nearest cent (2 decimal places). 1. May 15 Purchased and cancelled 5,000 of its own shares at $11.50 per share. 2. Jul 20 Sold (issued) 6,500 shares for a total of $66.030 3. Dec 8 Purchased and cancelled 8,000 of its own shares at $12 per share