Elsebridge Ltd. began operations in 2016. Its fiscal year-end Is December 31. Components of the condensed balance sheet as at December 31, 2018, are as follows: (Click the icon to view the condensed balance sheet.) During 2019 and 2020, Elsebridge had the following activities: A (Click the icon to view the transactions.) Data Table - X Requirements Requirement a. Assume that Elsebridge follows the guidance in ASPE pertaining to accounting for equity transactions. Prepare the journal entries required for 2019. (Record debits first, then credits. Explanations are not required.) Jan. 1: Issued 50,000 preferred shares with cumulative dividends of $2 per share. Proceeds were $1,250,000, or $25 por share. Date Accounts Debit Credit Jan. 1, 2019 Current liabilities S 500,000 10,000,000 Bonds payable4%, mature 2022 $ 10,500,000 Total liabilities Common shares500,000 authorized, 400,000 issued and outstanding $ 2,000,000 Contributed surplus common shares, from share repurchases and Question Viewer resales 555,000 Retained earnings (deficit) (180,000) ( $ 2,375,000 Total shareholders' equity Cash Common shares - X More Info Contributed surplus - common shares, from repurchase and resales Contributed surplus - preferred shares, from repurchase and resales Dividends payable on common shares During 2019, Elsebridge had the following activities: i. Jar. 1: Issued 50,000 preferred shares with cumulative dividends of $2 per share. Proceeds were $1,250,000, or $25 per share. ii. July 1: Repurchased and cancelled 5,000 common shares at a cost of $1 per share. iii. Net income for the year was $3,200,000. Dividends payable on preferred shares Income summary During 2020, the company had the following activities: 1. July 1: Repurchased and cancelled 75.000 common shares at a cost of $14 each. ii. Dec. 31: Elsebridge declared dividends totalling $650,000. iii. Net income for the year was $1.000.000 Preferred shares Retained earnings Treasury shares - common Print Done Help Me So Treasury shares - preferred Requirements a. Assume that Elsebridge follows the guidance in ASPE pertaining to accounting for equity transactions. Prepare the journal entries required for 2019. b. Prepare the equity section of the balance sheet as at December 31, 2019, including any notes that would be required. Prepare the journal entries required for 2020. d. Prepare the equity section of the balance sheet as at December 31, 2020, including any notes that would be required. C. Print Done