Humbolt Hardware Ltd. can issue 90,000$3 cumulative preferred shares. The company's letters patent authorizes up to 750,000 common shares, and the corporation has 73,000 common shares outstanding with a book value of $230,000. Presently, no preferred shares are issued. The opening retained earnings equals $312,500. Humbolt Hardware Ltd. Issued 4,200 common shares in exchange for land worth $53,000. ( 1 marks) The board of directors delcared a 10% share dividend (market value $7.00/ share) to Feb. 24 shareholders of record on Mar. 1 (market value $4.75/ share) to be distributed on Mar. 27 (market value $5.25/ share). ( 3 marks) Mar. 27 Issued the share dividend. (1 mark) Sold and issued 9,000$3 cumulative preferred shares for cash at $22 per share. (1.5 Apr. 21 marks) The Board declared total cash dividends of $98,000 to shareholders of record on May May. 24 31, payable on Jun. 21. (3.5 marks) Jun. 21 Paid the cash dividend. (1 marks) Aug. 13 ine m mark Dec. 31 Humbolt Hardware Ltd. Earned a net income of $229,000 for the year. Close out the income summary account and any other tempofary equity accounts. (2 marks) REQUIRED: 1) Record the journal entries needed to document the transactions from above. 2) Prepare a statement of changes in equity for the year ended December 31, 2021. ( 8 marks) 3) Prepare the equity seciton as it would be presented in the balance sheet as at December 31 , 2021. (4 marks)