Journalize and post transactions. prepare equity section. P12.3 (LO 2,4) The equity accounts of Terrell SE on January 1, 2020, were as follows. Share Capital-Preference (9%, 50 par, cumulative. 10,000 shares authorized) Share Capital-Ordinary (1 stated value. 2,000,000 shares authorized) Share Premium-Preference Share Premium-Ordinary Retained Earnings Treasury Shares Ordinary (20,000 shares) During 2020, the company had the following transactions and events pertaining to its equity. Feb. I Issued 30,000 ordinary shares for 120,000. 400,000 1,000,000 100,000 1,450,000 1,816,000 50,000 c. Total equity 5,356,000 Apr. 14 Sold 9,000 treasury shares-ordinary for 42,000. Sept. 3 Issued 7,000 ordinary shares for a patent valued at 32,000. Nov. 101 Dec. 31 Purchased 1,000 ordinary shares for the treasury at a cost of 6,000. Determined that net income for the year was 452,000. No dividends were declared during the year. Instructions a. Journalize the transactions and the closing entry for net income. b. Enter the beginning balances in the accounts, and post the journal entries to the equity accounts. (Use 15 for the posting reference.) c. Prepare an equity section at December 31, 2020, including the disclosure of the preference divi- dends in arrears.