B (75%)-Compulsory Short Questions Answer ALL five questions in this section in the answer sheet. Each question carries 15 marks. Explanations of the journal entries are not required. Correct your answers to 2 decimal places if necessary. Show your workings. Question Bl Chopin Corporation was incorporated in January 2020 and was authorized to issue 50,000 shares of $250 par value, 5% noncumulative preference shares; and 2,250,000 ordinary shares of $10 par value. The following transactions occurred during the year of 2020: (1) 10 January, the company issued 40,000 preference shares for cash at $260 per share. (2) 3 February, it further issued 1,200,000 ordinary shares for cash at $12.5 per share. (3) 5 August, the company repurchased 160,000 ordinary shares at a price of $15 per share. (4) 6 October, the company reissued 100,000 treasury shares acquired in August at a price of $20 per share. (5) 31 December, the board of directors declared a cash dividend of $1 per share to the ordinary shareholders, as well as satisfy all preference share dividend requirements. All dividends will be paid in next accounting year at 15 March 2021. Required: (a) Journalize the above transactions in 2020. (7 marks) (b) Prepare the shareholders' equity section of Chopin Corporation's statement of financial position at 31 December 2020. Chopin's profits after tax for 2020 was $10,000,000. (8 marks)