I need help to prepare the shareholders' equity section of the statement of financial position as at December $31,2024$Cullumber Observation Inc. on May $1,2024,$ and was authorized to issue $500,000$ common shares and $100,0005\%,$ non$-$participating,

convertible preferred shares. During the remainder of $2024,$ the company entered into the following transactions:

Issued $32,000$ common shares in exchange for $$704,000.$

Issued $5,000$ preferred shares in exchange for $$60,000.$

Repurchased $4,000$ common shares for $$23\mathrm{.}00$ per share in the open market.

The company entered into no other transactions that affected shareholders' equity during $2024.$

$($a$)$

Your answer is correct.

Provide the journal entries for each of the transactions. $($Credit account titles are automatically indented when the amount is

entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter O for the amounts. List all debit

entries before credit entries.$)$

$($b$)$

Cullumber Observation Inc. generated $$778,000$ in net income in $2024$ and did not declare any dividends that year. Prepare the

shareholders' equity section of the statement of financial position as at December $31,2024.$

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