Air Asia X Bhd is an airline company that offers lowest fares in Asia and is a public company listed on Bursa Malaysia. Shareholders' equity for Air Asia X Bhd at 1 January 2021 is as follows: Shareholders' Equity RM Paid-up Capital 6%, Preference shares, 300,000 unit shares issued and fully paid Ordinary shares, 2,000,000 unit shares issued and fully paid 3,500,000 10,000,000 13,500,000 Total Share Capital Retained Earnings Total Sharcholders' Equity 4,500,000 18,000,000 During 2021, the following transactions occurred: Jan 25 Acquire a building by issuance of 100,000 unit 6% preference shares, at the price of RM15 per share. The asking price of the building was RM1,800,000. Board of directors declared cash dividend RM700,000 to preference and ordinary shareholders which are in the company's record as at 31 January 2016. All dividends will be paid on 15 March. Feb 18 Feb 25 Issued 300,000 unit ordinary shares for cash at RM10 per share. Feb 29 Update preference and ordinary shareholders record for dividend distribution. March 15 Paid and distributed dividend to preference and ordinary shareholders. July 10 Issued 80,000 unit 6% preference shares for cash at RM15 per share. Dec 31 Net profit for the current year is RM1,250,000. Required: a) Prepare the journal entry for all transactions related to shares and dividend above. b) Show the shareholders' equity section in the Statement of Financial Position of Air Asia X Bhd. as at 31 December 2021. c) Discuss TWO (2) differences between preference share and ordinary share. d) "Nowadays establishing a company is more relevant than forming a proprietorship or partnership". Discuss this statement based on the advantages or disadvantages of forming a company.