On 1 January 2022, Smithfield Ltd's share capital comprised 10,000 issued ordinary shares ($150,000) and retained earnings of $25,000. During the year, the following transactions occurred. Mar 1 Declared a cash dividend of $1.20 per share to ordinary Sep 1 shareholders. Paid the $1.20 share dividend. Required: (a) Prepare the journal entries to record the above transactions. (2 marks) (b) Calculate the total amount of equity of Smithfield Ltd as at 31 December 2022. Assume profit for the year 2022 was $22,000. (1 mark) Narrations are not required