ABC Corporation has the following capital structure at the beginning of the year. Share capital preference 6%, $50 par value, 20,000 shares authorized 6,000 shares issued and outstanding Share capital ordinary, $10 par value, 60,000 shares authorized. 40,000 shares issued and outstanding Share premium ordinary Retained earnings Total equity 110,000 440.000 Instructions (a) Record the following transactions which occurred consecutively (show all calculations) 1. A total cash dividend of 90,000 was declared and payable to shareholders of record. Record dividends payable on ordinary and preference shares in separate accounts. 2. A 10% ordinary share dividend was declared. The average fair value of the ordinary shares in 18 share. 3. Assume that net income for the year was 150,000 (record the closing entry) and the board of directors appropriated 70,000 of retained earnings for plant expansion (b) Construct the equity section incorporating all the above information