JJ Personnel Consultation Limited is engaged in providing personnel services. Below is the shareholders' equity section in JJ's Statement of Financial Position as at 1 January 2019. Shareholders' Equity Contributed Capital: 5% Non-cumulative preference share, $3 par, 40,000 shares authorized and 30,000 issued and outstanding Ordinary shares, $2 par, 200,000 shares authorized, 120,000 shares issued and outstanding Share premium: ordinary shares $90,000 240,000 115,000 445,000 317,500 762,500 Retained earnings Total shareholders' equity During 2019, the following events occurred in sequential order: (1) JJ issued 20,000 $2 par value ordinary shares in exchange for IT services provided for upgrading the company's existing HR computer system. The capital expenditure for the HR Computer System was valued at $55,500. (2) JJ purchased 5,000 of its own ordinary shares in the market at the cost of $4.5 per share. JJ issued the remaining of the authorized shares for the non-cumulative preference shares at $6.4 per share. (4) The board of directors declared and paid all the dividends, including $0.3 per share to ordinary shareholders. Required: (a) Prepare the journal entries for the above transactions (separate share premium account and dividend account for different types of shares). (22 marks) (b) Prepare the shareholders' equity section of the statement of Financial Position for JJ Personnel Consultation Limited at 31 December 2019, given the company's profit for 2019 is $217,300. (14 marks)