3. On its year end date of December 31, 2020, Red Rock Limited reported the following balances from the Shareholders' Equity section 16 marks of its balance sheet: Credit balance in retained earnings account $ 427,207 Number of common shares outstanding 38,139 Balance in the common share capital account $ 811,213 Number of $2 non-cumulative, non-participating preferred shares issued 12,219 Balance in the preferred share capital account $ 481,216 The company is entitled to authorize an unlimited number of both common and preferred shares. The following transactions occurred for the corporation during the 2021 year: February 3 Issued common shares for cash. Total number of common shares issued: Issue price per share: $ 14,944 18 July 5 Issued preferred shares for cash. Total number of preferred shares issued: Issue price per share: S 1,214 33 November 28 Cash dividends were declared. The date of record is December 15, and the dividends will be paid on January 5, 2022. Amount of cash dividends declared: $ 69,230 December 31 The corporation had a credit balance in the Income Summary account at the end of the year. Balance in the Income Summary account at the end of the year: $ 181,352 Required: 1. Prepare journal entries to record each of the above transactions, including any applicable closing entries. 2. 3. Prepare the Statement of Changes in Equity for Red Rock Limited for the year ended December 31, 2021. Prepare the Shareholders' Equity section of the balance sheet of Red Rock Limited at December 31, 2021.