Share Retirement and Stock Dividends
Sudan Enterprises Inc The Following Transactions Took Place in 2020:
Jan 20 Redeemed

Share retirement and stock dividends
Sudan Enterprises Inc. reported the following shareholder's equity at December 31, 2019:
Contributed Capital
Preferred shares, $ 1, no par value, 100,000 shares authorized, cumulative,
callable at $ 107 plus dividends in arrears; $\begin{array}{ll}\quad\text{ issued and outstanding, 20,000 shares ........................ } && \$ 2,040,000 \\\text{ Common shares, no par, 100,000 shares authorized, } \\\quad\text{ 80,000 is sued and outstanding. .................................... } && 640,000 \\\text{ Contributed surplus (retirement of common shares) ......... } & & 120,000 \\\text{ Retained earnings ............................................................} && 1,600,000 \\ \end{array}$ The following transactions took place in 2020:
Jan 20 Redeemed 1,000 preferred shares at the call price. There were no dividends in arrears.
Jan 28 Declared $ 100,000 in dividends. Use separate accounts for each class of dividends.
Feb 28 Retired 8,000 common shares at $ 12 per share.
Mar 2 Declared and distributed a 3% common stock dividend. The market value of the shares at that time was $ 11.50.
Instructions
Prepare journal entries for the 2020 transactions.