On January 2, 2020, Roberts Corporation received a charter granting the right to issue 8,000 shares of $100 par value, 8% cumulative and non-participating preference shares, and 60,000 shares of $12 par value ordinary shares. It then completed these transactions. Jan. 11 Issued 40,000 ordinary shares at $18 per share Feb 1 Issued to Winthrope Corp. 6,000 preference shares for the following assets: machinery with a fair value of $164,000; a factory building with a fair value of $158,000 and land with an appraised value of $391,000 July 29 Purchased 2,000 ordinary shares at $19 per share. (Use cost method.) Aug 10 Sold the 2,000 treasury shares at $16 per share. Dec 31 Declared a $0.30 per share cash dividend on the ordinary shares and declared the preference dividend. Dec 31 Closed the Income Summary account. There was $225,500 net income. Instructions (a) Record the journal entries for the transactions listed above. (18 marks) (b) Prepare the equity section of Roberts Corporation Statement of Financial Position as of December 31, 2020. (4 marks) (c) What general rule should be applied to determine the amount at which the land should be recorded? (2 marks) (d) Explain why treasury shares are not classified as an asset. (1 mark)