2 (30 marks): 1. ABC Corporation had following transactions: a. On January 4, 2022, it offered 50,000 ordinary shares were issued with a par value of $1 and market price of $8 each. (5 marks) b. On June 1, 2022, it offered 22,500 preference $1 par value shares that were issued at their market value of $6.80 each. (5 marks) c. The company has 100,000 ordinary shares ($1 par value) in issue and a "share premium - ordinary" account balance of $550,000. It makes a bonus issue of two for one, utilizing its share premium account. (5 marks) d. On December 1, 2022, it offered 30,000 ordinary $1 par value shares for a patent. ABC determines the fair value of the patent to be $75,000, while the fair value of the shares is $70,000. (5 marks) Required: Record the journal entries for the above transactions