Finish attempt 21 Question 1 On January 1, 2020, Asyad Corporation had the following stockholders' equity accounts Ordinary shares ($20 par value 50,000 shares issued and outstanding]$1,000,000 400,000 Share Premium-Ordinary Retained Earnings 500,000 During the year, the following transactions occurred. Feb. 1 Declared a 52 cash dividend per Share to stockholders. Mar. 1 Paid the dividend declared in February Apr. 1 Announced a 2-for-1 stock split Prior to the split, the market price per share was $30 May1 Declared a 10 stock dividend to stockholders of record on May 15, distributable May 31. On May 1, the market price of the stock was $12 per share. 31 issued the shares for the stock dividend, Dec. 1 Declared a cash $0.50 per share dividend to all existing stockholders. 31Determined that net income for the year was $200,000 Instructions 1. Journalize the transactions and the closing entries for net income and dividends. (7 marks) 2. Prepare a stockholders' equity section on December 31 13 marks) 3 Feb Quest 2 Sun Corporation's trading portfolio of stock investments consisted of the following at December 31, 2010 Number of Shame Cabana Ordinary Shares 200 $30,000 Aryana Preferred Shares 300 9,000 Havana Ordinary Shares 500 10.000 $43.000 During 2019, the following transactions took place 5 Sold 100 shares of Cabana ordinary for $20,000 Mar 30 Purchased 75 shares of Havana ordinary shares for $20 per share. Sept 9 Sold 275 shares of Havana ordinary shares for 58,250, At year-end on December 31, 2020, the fair values per share were: FairValue Per Share Cabana ordinary shares $160 Aryana Preferred shares $25 Havana ordinary shares $25 Instructions (a) Prepare the journal entries to record the 2020 stock transactions (b) On December 31, 2020, prepare any adjusting entry that might be necessary relative to the trading portfolio Id Show how the stock investments will appear on Sun Corporation's Statement of Financial Position on December 31, 2020