21. London Gems Company reported summarized balance sheet at December 31, 20X8: Assets $33, Current assets 500 63,1 Property and equipment, net 00 $96, Total assets 600 Liabilities and Equity $37, 600 Liabilities Shareholders' equity $0.8 cumulative preference shares, $15p 6,00 ar, 400shares issued 0 T- 12.6 Ordinary shares, $2 par, 6,300 shares issued 00 17.4 Paid-in capital in excess of par 00 23.0 Retained earnings 00 Total Liabilities and Equity S96. 600 During 20X9, London completed these transactions that affected shareholders' equity: F e b Issued 5,200 ordinary shares for $6 per share. 1 3 J u Declared the regular cash dividend on the preference shares. 1 7 J u n Paid the cash dividend. 2 4. A Distributed a 20% share dividend on the u g ordinary share. Market price of the ordinary share was $7 per share. 9 ct Reacquired 900 ordinary shares as treasury 2 shares, paying $8 per share. 6 u n Declared the regular cash dividend on the preference shares 1 7 J u n Paid the cash dividend. 2 4 u Distributed a 20% share dividend on the ordinary share. Market price of the ordinary share was $7 per share. g 9 o ct Reacquired 900 ordinary shares as treasury 2 shares, paying $8 per share. 2 6 T- N Sold 600 shares of the treasury shares for $12 V per share. 2 0 Requirements: a. Journalize London's transactions. Explanations are not required.(1-6)(8') b. Report London's shareholders' equity at December 31, 20X9. Net income for 20X9 was $25,000.(7)(2)