26 Kingbird Limited has been authorized to issue 20,200 102 par value, 10%, non-cumulative preference shares and 1,007,144 no-par ordinary shares. The corporation assigned a 2.68 stated value to the ordinary shares. At December 31, 2017, the ledger contained the following balances pertaining to equity. Share Capital-Preference Share Premium-Preference Share Capital-Ordinary Share Premium-Ordinary Treasury Shares-Ordinary (1,060 shares) Share Premium-Treasury 121,380 12,120 1,007,144 1,753,500 9,540 Retained Earnings 1,060 80,900 The preference shares were issued for land having a fair value of 133,500. All ordinary shares issued were for cash. In November, 1,590 ordinary shares were purchased for the treasury at a per share cost of 9. In December, 530 treasury shares were sold for 11 per share. No dividends were declared in 2017. Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preference shares for land. (2) Issuance of ordinary shares for cash. (3) Purchase of treasury shares (ordinary) for cash. (4) Sale of treasury shares for cash. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. Prepare the equity section at December 31, 2017. KINGBIRD LIMITED Statement of Financial Position (Partial)