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Hammond Manufacturing Inc. was legally incorporated on January 2. 2023. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100.000 shares of $13.5 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2023 Jan. 12 Issued 40,059 connon shares at $3.9 each. 20. Issued 2,00e connon shares to pronoters who provided legal services that helped to establish the company. These services had a fair value of $27,090. 31 Issued 71, 090 connon shares in exchange for land, building, and equipent, which have fair narket values of $351,000,$471,000, and $39,000, respectively: Mar. 4 Purchased equipment at a cost of $8,070 cash. This was thought to be a special bargain price. It was felt that at least $9,900 would normally have had to be paid to acquire this equipent, Dec. 31 During 2023, the conpany incurred a loss of 387 , 000. The Income sumary account was closed. 2024 3an. 4 Issued 2,000 preferred shares at $63 per share. Dec. 31 The Incone 5umary account was closed. Profit for 2024 was 5207,000 . 2025 Dec. 4 the conpany declared a cash dividend of $0.72 per share on the comen shares payable on Decesber 18 and also declared the required dividend on the preferred shares. 18 Paid the dividends declared on Decenter 4. 31 Profit for the year anded Decenber 31, 2025, was $156,195. The Incoee 5uenary account was closed. Required: 1. Joumalize the transactions for the years 2023. 2024, and 2025. The company does not use a cash dividends account. 2. Prepare the statement of changes in equity for the year ended December 31, 2025. (Amounts to be deducted should be indicated by 0 minus sign.) 3. Prepare the equity section on the December 31,2025 , balance sheet. 3. Prepare the equity section on the December 31, 2025, balance sheet. Analysis Component: Determine the net assets of Hammond Manufacturing Inc. for 2023, 2024, and 2025. Is the trend favourable or unfavourable? Analysis Component: Determine the net assets of Hammond Manufacturing Inc, for 2023. 2024, and 2025, Is the trend favourable or unfavourable