6. Question 2 (30 marks) U-Like Corporation presented the following shareholders' equity as at 31 December 2018. Share Capital - Ordinary, $25 par value; 60,000 shares authorized; 50,000 shares issued and outstanding $ 1,250,000 Share Premium - Ordinary 50,000 Share Capital - Preference, no par; 30,000 shares authorized, 10%, noncumulative, nonparticipating; 10,000 shares issued and outstanding 600,000 Retained Earnings 370,000 Total Shareholders' Equity $ 2,270,000 In 2019, the following transactions affected its shareholders' equity accounts. 2-Jan Issued 2,000 ordinary shares for $28 cash per share 6-Jan Exchanged 2,500 preference shares for equipment and merchandise inventory with market value $120,000 and $45,000, respectively. 15-Jan Purchased 2,500 of its own ordinary shares at $25 cash per share 25-Jan Directors declared a $3 per ordinary share cash dividend payable on February 28 to the February 9 shareholders of record 28-Feb Paid the dividend declared on January 25 9-Jul Sold 1,000 of its treasury shares at $30 cash per share 27-Aug Sold 1,500 of its treasury shares at $20 cash per share 9-Sep Directors declared a $2 per share cash dividend payable on October 22 to the September 23 shareholders of record 22-Oct Paid the dividend declared on September 9 31-Dec Closed the $12,000 credit balance (from net profit) in the Income Summary account to Retained Earnings. Required Prepare journal entries to record each of these transactions for 2019. Narratives are not required. (50%)