Below is the shareholders' equity section of Martin Corporation (Martin)'s Statement of Financial Position as at 1 January 2021. Shareholders' Equity Contributed Capital: Ordinary shares, $1.5 par, 1,200,000 shares authorized, 150,000 shares issued Share premium: Ordinary shares $225,000 75,000 300,000 280,000 580,000 Retained earnings Total shareholders' equity During 2021, the following events occurred in sequential order: (1) Martin issued 400,000 of its $1.5 par value ordinary shares for $2.2 per share. (2) Martin purchased 10,000 of its ordinary shares at a cost of $3.3 per share in the open market. (3) Martin issued 8,000 of its $90 par value 8% cumulative preference shares, for $98 per share. Martin can issue up to 50,000 of its preference shares. (4) On 30 December 2021, the board of directors declared and paid all the dividends, including $0.15 per share to ordinary shareholders, as well as satisfying annual preference share dividend requirements. (5) On 31 December 2021, Mr Chow, a shareholder, used 12,000 ordinary shares of Martin as a security to borrow a bank loan to purchase a car for his own use. The market price of the share was $4.2 on 31 December 2021. Required: (a) Prepare the journal entries for the above transactions. If an event does not require any entry, state No entry and no explanation is required. (13 marks) (b) Compute the Retained Earnings balance at 31 December 2021, given the company's profit for 2021 is $242,000. (2 marks)