ACME Ltd. is authorized to issue 100,000 $2 cumulative preferred shares. The company can issue unlimited common shares, and has 64,500 common shares outstanding worth $245,000 and no preferred shares issued. Currently, the opening retained earnings equals $296,000.

The following transactions occurred during 2021:

Jan. 3	ACME Ltd. issued 4,800 common shares in exchange for land valued at $66,000. (2 marks)
Feb. 15	The board of directors delcared a 5% share dividend to shareholders of record on Mar. 5, to be distributed on Mar. 17. The shares trade for $5 a share.
Mar. 17	Issued the share dividend.
Apr. 13	Sold and issued 10,000 preferred shares for cash at $29 per share.
May 16	The board declared total cash dividends of $68,000 to shareholders of record on May 16, payable on Jun. 4.
Jun. 4	Paid the cash dividend.
Aug. 22	The board decided to split the common shares 5 to 1 effective Sep. 5.
Sep. 5	Share split (5 to 1) executed.
Dec. 31	ACME Ltd. earned a net income of $225,000 for the year. Close out the income summary account and any other temporary equity accounts.

REQUIRED:
1) Journalize the above entries. 
2) Prepare a statement of changes in equity for 2021.
3) Prepare the balance sheet presentation of the equity section as at December 31, 2021