Part A Lorde Inc. is authorized to issue 70,000, $9, cumulative preferred shares, and 750,000 common shares. Prepare journal entries to record the following transactions that occurred during the first year of operations: Jan 10 15 Feb 1 Mar 1 Apr Jun Aug 10 15 5 23 1 Sold 85,000 common shares for $6 per share, cash. Exchanged 5,000 preferred shares for equipment with a fair market value of $65,000 (no market value was available for these shares). Exchanged 500 common shares for $3,000 in legal fees incurred during organization. A cash dividend of $52,000 was declared by the Board of Directors to the shareholders of record on March 10, payable on March 15. Date of record. Paid the cash dividend. Sold 350 preferred shares for $17 per share. Sold 4,000 common shares at $8 per share, cash. The Board of Directors declared a 10% share dividend to common shareholders of record on August 12, to be distributed on August 20. The market price per share was $9.50. Date of record. The market price per common share on this date was $9.80. Distributed the share dividend. The market price per common share on this date was $9.25. Prepare closing entries. The balance in the Income Summary account is $177,000 credit. Dec 31 Part B The balance sheet for Macklemore & Lewis Inc., provincially incorporated in 2015, reported the following components of equity on December 31, 2017. Common shares, unlimited shares authorized; 75,000 shares issued and outstanding $ 735,000 Preferred shares, $2.10, cumulative, unlimited shares authorized; 20,000 shares issued and outstanding $ 392,000 Retained Earnings $ 378,000 In 2017 the company had the following transactions affecting shareholders and the equity accounts: Jan. 1 5 Sold 30,000 common shares at $10.64 per share. The directors declared a total cash dividend of $231,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2015 and 2016. All of the preferred shares had been issued during 2015 Paid the dividends declared on January 5. Sold preferred shares for a total of $156,800. The average issue price was $22.40 per share. Closed the dividend accounts (if necessary) and the $576,800 credit balance in the Income Summary Account. Feb. 28 July 1 Dec. 31 1. Prepare the journal entries. 2. Prepare a statement of Changes in Equity for the year ended December 31, 2017. 3. Prepare the Equity Section of the Balance Sheet as of December 31, 2017 Please include all digits in a number and all calculations