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Question 8 Not yet answered Marked out of 8.00 Dubai Corporation has been authorized to issue 20,000, $100 par value, 10% non- cumulative preference shares and 1,000,000 non-par ordinary shares. The corporation assigned a $2.50 stated value to the ordinary shares. On Dec 31, 2020, the ledger contains the following balances pertaining to equity: Share Capital Preference $ 120,000 P Flag question Share Premium Preference 12,000 1,000,000 1,600,000 Share Capital Ordinary Share Premium Ordinary Treasury Shares (1000 Shares) Treasury Shares Premium Retained Earnings 9.000 1,000 82,000 The preference shares were issued for a land having a fair value of $132,000. All ordinary shares issued were for cash. In Nov, 2020, 1,500 ordinary shares were purchased for the treasury at a per share cost of $9.00. In Dec, 500 treasury shares were sold for 11 per share. No dividends were declared in 2020 along the way to strengthen the equity finance, REQUIRED: ta) Prepare the relevant journal entries pertaining to preference share and land acquisition, issuance of ordinary shares and purchase and sale of treasury shares (b) Prepare the Equity section at December 31st, 2020