5. (10 Marks) On December 31, 2021, the following accounts were included in equity of Look-good Inc. Share Authorized 10%, $20 par, 200,000 preference shares $5 par, 1,000,000 ordinary shares Share Issued and Paid Share Capital-Preference, 150,000 shares Share Capital-Ordinary, 500,000 shares Share Premium Preference Ordinary Retained Earnings Total Equity During 2022, Look-good took part in the following transactions concerning equity. $4,000,000 5,000,000 3,000,000 2,500,000 750,000 1,500,000 2,000,000 $18,750,000 300,000 ordinary shares were exchanged for a land which cost the seller $1,000,000 and had fair value of $2,520,000. 25,000 preference shares were issued at $27 per share for cash. A 5% ordinary share dividend is declared and distributed at a time when the market price of the shares is 59 per share. Purchased 40,000 treasury shares-ordinary at $11 per share. Resold 10,000 of the treasury shares at $13 per share. Resold 25,000 of the treasury shares at $10 per share. Declared the annual 2022 dividend for $870,000. Net income for 2022 was $1,185,000. Required Prepare the December 31, 2022, equity section of the statement of financial position