10-1B - Equity transactions, Statement of Changes in Shareholders' Equity The December 31, 2023 shareholders' equity section of Kamala Co.'s balance sheet is shown below: Preferred shares, $2 cumulative, 1,000 issued Common shares, 10,000 issued Retained earnings Total shareholders' equity $25,000 150,000 200,000 $375,000 The following equity transactions occurred during 2024: Jan 15 Issued 1,000 common shares for a piece of land with a fair value of $160,000. Mar 21 Issued 100 preferred shares for $3000 cash. August 1 Declared the regular cash dividend on preferred shares. August 10 Paid the regular cash dividend on preferred shares. November 8 Declared and issued a 10% stock dividend on common shares at a time when the market price was $18 per share. Required: a.) Journalize the transactions above. b.) Assuming net income for the year was $50,000, prepare the statement of changes of shareholders' equity for the year ended December 31, 2024