4 Salamon Limited Company is incorrporated on 1 January 2020. The balances of accounts as at 31 December 2020 are as follows. Retained earnings 100,000 units Equity Shares 2,000 units Cumulative Preference Shares 8% RM 122,000 200,000 200,000 The following are the transactions related to company's shares during the financial year 2020: 10 Januari 1 Mar Issued 80,000 units of Equity Shares for cash at RM4 per share. Issued 2,000 units of Cumulative Preference Shares 8% for cash at RM105 per share. 1 April Issued 24,000 units of Equity Shares for a land. The offer price for the land is RM90,000 but the market value of the land is RM85,000. 1 August Issued 250 units of Cumulative Preference Shares 8% for the cost of company's incorporation fee worth RM30,000. 1 September Declared shared dividend of 10% for all available equity shares. The market price of equity share at this date is RM4.50 per share. 1 November Issued 1,000 units of Cumulative Preference Shares 8% for cash at RM109 per share. 31 December Declared cash dividend of RM60,000 to all Preference Shareholders and Equity Shareholders after the company has recored net profit RM2.6 millions for the current year. Required: a) Prepare the relevant journal entries to record the transactions above. b) c) Prepare the equity section in the Statement of Financial Position as at 31 December 2020. Explain TWO (2) differences of company's obligations to Equity Shareholders as compared to Preference Shareholders