On 3 March 2015, Piper Ltd makes a private placement of redeemable preference shares, and 500,000 6% redeemable preference shares are issued at a price of $3 per share. These shares are classified as equity, and are redeemable at a 10% premium. On 30 April 2017, the preference shares are redeemed out of profits and cheques are sent to preference shareholders on 2 May 2017. Required: Prepare the general journal entries to record the transactions of Piper Ltd for the events outlined above. Show all workings. Ignore preference share dividend payments