EcoGoods Ltd. had the following equity-related transactions during the year ending December 31, 20X1:

• On January 1, issued 20,000 shares of common stock at $22 per share.
• On March 31, declared a $0.60 per share dividend, payable on April 30 to shareholders of record on April 15.
• On June 30, issued 8,000 shares of preferred stock at $28 per share.
• On September 30, repurchased 2,000 shares of common stock at $24 per share.

Required:

• Prepare the journal entries for each of the equity transactions during the year.
• Calculate the total dividends declared and paid during the year.
• Prepare the equity section of the balance sheet as of December 31, 20X1.
• Explain the impact of the equity transactions on the company’s financial position and earnings per share (EPS).