During 2020, Morgan Plc had the following transactions:

1 Jan	Issued 10,000 shares of ordinary share, $1 par value, for $10 per share.
1 Dec	Purchased 5,000 shares of treasury stock- ordinary share at $12 per share

Required

1. State the four basic rights of ordinary shareholders.
2. Briefly explain how does preference share differ from ordinary share.
3. Journalise the above two transactions for 2020.