Mark Corporation was incorporated on January 1, 2019. It is authorized to issue an unlimited number of $10 stated value preferred shares ($2 dividend) that are cumulative, as well 1,000 common shares of no par value. The following share transactions were completed during the first year:

• Jan. 1 Issued 100 common shares for cash at $40 per share.
• Mar. 21 Issued 10,000 preferred shares for land. The land was listed for sale at $110,000, but was valued by a licensed appraiser at $100,000.
• Apr. 17th issued 200 common shares to pay a consultant's bill of $8,000.
• July 23rd issued 5,000 preferred shares for cash at $12 per share.
• Sept. 1st issued 20 common shares to a law firm for payment of their bill of $800 to file the company's incorporation documents.
• Sept. 1st issued 40 common shares for $2,000 cash.
• Dec. 18th issued 6,000 preferred shares for cash at $11 each.
• Dec. 20th declared a $45,000 dividend.
• Dec. 31st a cash payment is made to shareholders for their dividend.

1. Journalize the transactions.
2. Calculate the year-end balance in each of the share capital accounts.
3. Prepare Shareholder's Equity section if the balance in Retained Earning is $500,000.