Equity section of Sol Corporation shows the following on January 1, 2018. Shares Ordinary Ordinary, $1 par value 1,000,000 shares authorized, 500,000 shares issued and outstanding $500,000 500,000 1750,000 $2,750,000 Shares premium Ordinary Total Equity During the year, the company had following transactions occurred: Mar. 1 Issued 50,000 ordinary shares for $150,000. Jun. 1 Acquired 5,000 shares of its shares for the treasury at $4 per share Sep. Sold 3,000 shares at $5 per share Dec Declared a cash dividend of $2 per share to shareholders of record on Dec 15. Dec 30 Paid cash dividend. Instructions 1. Prepare journal entries to record the above transactions. 2. Company had net income of $120,000 in 2018. of balance sheet as of December 31, 2018. Please prepare the equity