Answer Q2 and 3 please!!!

Perfect Ponds Inc. (PPI) is a backyard pond design and installation company. PPI was incorporated during 2020, with an unlimited number of common shares, and 50,500 preferred shares with a $3 dividend rate authorized. PPI follows ASPE. The following transactions took place during the first year of operations with respect to these shares: Jan. 1 Jan. 15 Feb. 20 Mar. 3 May 10 The articles of incorporation were filed and state that an unlimited number of common shares and 50,500 preferred shares are authorized. 30,300 common shares were sold by subscription to 3 individuals, who each purchased 10,100 shares for $51 per share. The terms require 10% of the balance to be paid in cash immediately. The balance was to be paid by December 31, 2021, at which time the shares will be issued. 70,700 common shares were sold by subscription to 7 individuals, who each purchased 10,100 shares for $51 per share. The terms require that 10% of the balance be paid in cash immediately, with the balance to be paid by December 31, 2020. Shares are to be issued once the full payment is received. 50,500 common shares were sold by an underwriter for $53 per share. The underwriter charged PPI a 5% commission on the sale. PPI paid $2,020 to a printing company for costs involved in printing common share certificates. As well, an invoice for legal fees related to the issue of common shares was received for $15,150. PPL issued a combination of 2,020 common and 1,010 preferred shares to a new shareholder for a total price of $202,000. PPI was unable to estimate a fair value of the preferred shares, and the most recent sale of common shares was used to estimate the value of the common share portion of the transaction. PPI wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 505 common shares for $53, to be paid by December 31, 2021. The employee accepted the offer and signed a note payable to PPL in the exchange. No interest was to be charged on the outstanding balance; however, the shares were issued immediately. Of the 7 subscriptions issued on February 20, five subscriptions were paid in full and two subscribers defaulted. According to the subscription contract, the defaulting subscribers would not be issued shares for any amount that had been paid and no cash would be refunded. PPI declared a dividend of $202,000 for 2020. Net income for the year was $808,000. Sept. 23 Nov. 28 Dec. 31 Dec. 31 Prepare the journal entries to record the transactions for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 No Entry 0 No Entry 0 Jan. 15 Cash 154530 Share Subscriptions Receivable 1390770 Common Shares Subscribed 1545300 Feb. 20 Cash 360570 Share Subscriptions Receivable 3245130 Common Shares Subscribed 3605700 Mar. 3 Cash 2542675 Common Shares 2542675 May 10 Common Shares 17170 Cash 17170 Sept. 23 Cash 202000 Common Shares 107060 Preferred Shares 94940 Nov. 28 Notes Receivable 26765 Common Shares 26765 Dec. 31 Cash 2317950 Share Subscriptions Receivable 2317950 (To record collection of subscriptions receivable) Dec. 31 Common Shares Subscribed 2575500 Common Shares 2575500 (To record issuance of shares for fully paid subscriptions) Dec. 31 > Common Shares Subscribed 2575500 Common Shares