13) Elville Inc. was incorporated under provincial legislation with a December 31 year-end. The company has a single class of shares. As at December 31, 2016, it had 900,000 shares issued and outstanding. These shares had a book value of $18,000,000 on the balance sheet. During 2017, Elville repurchased 10% of the issued shares from one of the minority shareholders at a cost of $25 per share. The company held these in treasury and later found a buyer for half of these shares at $30. The other half were sold at $21 to another investor. Required: Record the share transactions using the single-transaction method for treasury stock, which is the preferred accounting method. 14) Mountip Inc. was incorporated under provincial legislation with a December 31 year-end. The company has a single class of shares. As at December 31, 2016, it had 150,000 shares issued and outstanding. These shares had a book value of $5,700,000 on the balance sheet. During 2017, Mountip repurchased 5% of the issued shares from one of the minority shareholders at a cost of $48 per share. The company held these in treasury and later found a buyer for half of these shares at $52. The other half were sold at $46 to another investor. Â Required: Record the share transactions using the alternative two-transaction method for treasury stock. 15) Dunst Company had the following shareholders’ equity account balances on December 31, 2017: Common stock, 150,000 authorized, 40,000 issued$880,000 Contributed surplus on repurchases and resales45,000 Treasury shares, 20,000 shares(800,000) Retained earnings500,000 Total shareholder’s equity$625,000 During 2018, the following transactions occurred: i. May 1: Dunst resold 1,600 of the treasury shares at $52 per share. ii. Dec. 30: The board of directors declared cash dividends of $2 per share. iii. Dec. 31: Net income for the year ended December 31, 2018 was $150,000. Dunst uses the single transaction method for treasury shares. Required: a. Record the journal entries for the transactions in 2018 and make all the necessary year-end entries relating to shareholders’ equity accounts. b. Prepare the presentation of the shareholders’ equity section of Dunst’s balance sheet as at December 31, 2018.