16. Elizabeth Company reported the following amounts in the equity section of its December 31, 2019, statement of financial position. Share capital - preference, 7%, $100 par (10,000 shares authorized, 2,000 shares $200,000 issued) Share capital - ordinary, $5 par (100,000 shares authorized, 20,000 shares issued) Share premium-preference Retained earnings Total S875.000 100,000 125,000 450,000 During 2020, Elizabeth took part in the following transactions concerning equity. (1). Paid the annual 2019 $7 per share dividend on preference shares and a $2.5 per share dividend on ordinary shares. These dividends had been declared on December 31, 2019. (2). Purchased 2,500 shares of its own outstanding ordinary shares for $41 per share. Elizabeth uses the cost method. (3). Issued 550 preference shares at $103 per share. (4). Declared a 10% share dividend on the outstanding ordinary shares when the shares are selling for $45 per share. Prepare journal entries to record the transactions described above