Bancroft Holdings Inc. has authorized share capital of an unlimited number of common shares and 1,000,000 preferred, $ 3-cumulative preferred shares. At January 1, 2021, the balances in its share capital accounts were $ 45,000 in common shares representing 15,000 shares and $ 30,000 in preferred shares representing 1,000 shares. The retained earnings balance on that date was $ 180,000. Profit for the year ending December 31, 2021 was $ 24,000. There were no dividends in arrears at January 1, 2021 and no dividends were declared during 2021. During 2021, Bancroft had the following share transactions: Mar 1 Issued 4,000 common shares for $ 5 each. Jun 30 Issued 500 preferred shares for $ 11 each. Sep 1 Issued 60,000 common shares in exchange for land valued at $ 285,000. Instructions a) Journalize the share transactions. b) Prepare the equity section of Bancrofts balance sheet at December 31, 2021 and describe any disclosure requirements related to share capital. c) Calculate return on equity for 2021.