Caronport Carpentry Shop Ltd$.$ can issue $90,000$$$5$ cumulative preferred shares. The company's letters patent authorizes up to $750,000$ common shares, and the corporation has $52,000$ common shares outstanding with a book value of $$184,000.$ Presently, no preferred shares are issued. The opening retained earnings equals $$450,700.$

$\backslash$table$[[$Jan$.7,\backslash$table$[[$Caronport Carpentry Shop Ltd$.$ Issued $5,000$ common shares in exchange for land worth$],[$$$54,000.(1$ marks$)]]],[$Feb$.21,\backslash$table$[[$The board of directors delcared a $4\%$ share dividend $($market value $$\frac{4\mathrm{.}00}{?}$ share$)$ to$],[$shareholders of record on Mar. $1($market value $$\frac{4\mathrm{.}75}{?}$ share$)$ to be distributed on Mar. $16],[($market value $$\frac{5\mathrm{.}25}{?}$ share$).(3$ marks$)]]],[$Mar$.16,$Issued the share dividend. $(1$ mark$)],[$Apr$.14,$Sold and issued $19,000$ $$5$ cumulative preferred shares for cash at $$27$ per share. $(1\mathrm{.}5$ marks$)],[$May$.24,\backslash$table$[[$The Board declared total cash dividends of $$104,000$ to shareholders of record on May $31,],[$payable on Jun. $20.(3\mathrm{.}5$ marks$)]]],[$Jun$.20,$Paid the cash dividend. $(1$ marks$)],[$Aug$.23,$The board decided to split the common shares $3$ to $1,$ effective the same day. $(1$ mark$)],[$Dec$.31,\backslash$table$[[$Caronport Carpentry Shop Ltd$.$ Earned a net income of $$375,000$ for the year. Close out the$],[$income summary account and any other temporary equity accounts. $(2$ marks$)]]]]$

REQUIRED:

Record the journal entries needed to document the transactions from above.

Prepare a statement of changes in equity for the year ended December $31,2023.(8$ marks$)$

Prepare the equity seciton as it would be presented in the balance sheet as at December $31,2023.(4$ marks$)$