Chan Inc. has two classes of share capital outstanding: 8%, $20 par Cumulative preference shares and $5 par ordinary shares. No dividends has been declared for the year 2017 and 2018. At December 31, 2018, the following accounts were included in equity.

Share Capital Preference, 150,000 shares, $ 20 par	$3,000,000
Share Capital Ordinary, 2,000,000 shares, $ 5 par	10,000,000
Share Premium Preference	200,000
Share Premium Ordinary	27,000,000
Retained earnings (unadjusted for net income and dividendsa0	4,500,000

The following transactions affected equity during 2019.

Jan 1	30,000 preference shares issued at $23 per share.
Feb 1	50,000 ordinary shares issued at $20 per share.
June 1	4-for-1 share split (par value reduced to $1.25.)
July 1	30,000 ordinary treasury shares purchased at $10 per share. Chan uses the cost method.
Sept 15	10,000 treasury shares reissued at $13 per share.
Dec 31	The preference dividend is declared, and an ordinary dividend of $0.05 per share is declared.
Dec 31	A 10% share dividends is also declared , the market price of the ordinary share is $35 on Dec. 31( use par value method)

Required

1. Prepare the journal entries for the transactions listed above.
2. Prepare the Equity Section of the Statement of Financial Position in professional format for Chan Inc. at December 31, 2019. Assuming the net income is $1,200,000.