Equity section of Sol Corporation shows the following on January 1, 2021. Shares Ordinary - Ordinary, $1 par value 100,000 shares authorized, 50,000 shares issued and outstanding $50,000 Shares premium - Ordinary $150,000 Retained earnings $1.200.000 Total Equity $1.400.000 During the year, the company had following transactions occurred: Mar. 1 Issued 30,000 ordinary shares for $180,000. Jun. 1 Acquired 5,000 shares of its shares for the treasury at $8 per share Sold 2,000 shares of Treasury shares at $10 per share Sep. 1 Dec 1 Declared a cash dividend of $1.0 per share to shareholders of record on Dec 15. Dec 20 Sold 3,000 shares of Treasury shares at $6 Dec 30 Paid cash dividend. Instructions 1. Prepare journal entries to record the above transactions. (2 points) 2. Company had net income of $500,000 in 2021. Please prepare the equity section of balance sheet as of December 31, 2021.(2 points)