Can u help with with question 2,3 please

2017 an. 12 & Issued 40,000 common shares at $4.80 each. Issued 6,000 common shares to promoters who provided legal services that helped to establish the company. Problem 12-7A Share transactions, statement of changes in equity, dividend distribution, These services had a fair value of $36,000. closing L02,3,4,5,6 31 Issued 80,000 common shares in exchange for land, building, and equipment, which have fair market values of $360,000, $480,000, and $48,000 respectively. Mar. Purchased equipment at a cost of $8,160 cash. This was thought to be a special bargain price. It was felt that at CHECK FIGURES: 2. Retained earnings, Dec. 31, 2019 = $224,880; 3. Total equity = $1,700,880 least $10,800 would normally have had to be paid to acquire this equipment. Dec. During 2017, the company incurred a loss of $96,000. The Income Summary account was closed. Hammond Manufacturing Inc. was legally incorporated on January 2, 2017. Its articles of incorporation 2018 granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.40 non- Jan. Issued 5,000 preferred shares at $72 per share. Dec. 31 The Income Summary account was closed. Profit for 2018 was $216,000. cumulative preferred shares. The following transactions are among those that occurred during the first 2019 three years of operations: Dec. 4 The company declared a cash dividend of $0.12 per share on the common shares payable on December 18 and also declared the required dividend on the preferred shares. 18 Paid the dividends declared on December 4. Profit for the year ended December 31, 2019, was $192,000. The Income Summary and Cash Dividends accounts were closed. Required 1. Journalize the transactions for the years 2017, 2018, and 2019. 2. Prepare the statement of changes in equity for the year ended December 31, 2019. 3. Prepare the equity section on the December 31, 2019, balance sheet. Analysis Component: Determine the net assets of Hammond Manufacturing Inc. for 2017, 2018, and 2019. Is the trend favourable or unfavourable? Explain