Ocean Lane Inc. had the following balances in their equity accounts at December 31, 2020. There were 50,000 preferred shares with an ending balance of $200,000. The preferred shares had a dividend preference of $2.00 / share. There were 150,000 common shares issued with an ending balance of $300,000. The amount in Retained Earnings was $150,000. The company was authorized to issue unlimited preferred and common shares. The following equity transactions occurred during 2021. July 2 Exchanged 90,000 common shares for land with a fair market value of $225,000. July 31 The corporation issued 1,000 preferred shares at $5 per share. Sept. 15 The board of directors declared a cash dividend payable to shareholders of record on September 25 of $120,000 payable on September 30. Sept.30 The cash dividend declared on September 15 was paid. Oct 5 The board of directors declared a 10% common share dividend, distributable on October 31 to the October 20 shareholders of record. The shares were selling at $4 per share. Oct. 31 The share dividend declared on October 5 was distributed. Nov. 2 The board of directors declared a 2 for 1 share split to common shareholders of record on November 15 to be distributed on November 30. (include note disclosure) Dec. 31 The Income Summary account had a $357,000 credit balance. Close the Income Summary Account and the Dividend accounts (if applicable) REQUIRED: JEs & Stmts - Student Answer Booklet 1. Prepare journal entries for the year 2021. Omit explanations but show calculations. (16 marks) 2. Prepare a statement of changes in Equity for the year ended December 31, 2021. (7 marks) 3. Prepare the equity section of the balance sheet for the year end December 31, 2021. (7 marks)