Jasper Ltd. had the following balances in its shareholders equity accounts at December 31, 2017:

Share Capital Ordinary, $5 par, 50,000 shares issued......$250,000

Share Capital Preference, $80 par, 6%, 5,000 shares issued $400,000

Retained Earnings..........................$800,000

Total Shareholders Equity ..........................$1,450,000

The following transactions occurred during 2018:

(a) Jan 3 Declared $80,000 cash dividend. Preference shares are cumulative and nonparticipating. Dividends for preference shareholders are one year in arrears.

(b) April 1 Exchanged 4,000 ordinary shares for a building with a market value of $180,000.

(c) May 15 Purchased 6,000 of its own ordinary shares at $ 18 cash per share.

(d) Aug 9 Sold 2,000 of its treasury shares at $16 cash per share.

(e) Sept 26 Sold 3,000 of its treasury shares at $22 cash per share.

(f) Nov 11 Announced a 2-for-1 stock split of its ordinary shares.

Required:

1. Calculate the amounts of cash dividend allocated between the preference and ordinary shareholders on Jan 3.

2. Prepare necessary journal entry to record each of the transactions in 2018. If no journal entry is required, please write no entry is required in your answer.