Part A The equity section of Island Ltd as at July 1, 2020 is as follows: Share capital 2,000,000 ordinary shares, issued at $2 fully paid $4,000,000 6% 20,000 preference shares, issued at $3, fully paid 60,000 General reserve 50,000 Revaluation surplus 8,000 Retained earnings 590,000 During the year ended June 30, 2021, the following transactions occurred: (i) On July 1, 2020, Island Ltd issued 2,000 ordinary shares at $2 each by private placement. All new shares are entitled to interim and final dividends. (ii) Declared $0.06 per share of interim dividend to all ordinary shareholders on December 1, 2020. (iii) Payment of interim dividend to ordinary shareholders was made on February 28, 2021. (iv) Declared and paid a dividend to preference shareholders on March 31, 2021. (v) Declared final dividend of 2 cents per share to all ordinary shareholders on June 30, 2021. Required: Prepare journal entries for the above transactions. Show all workings and narrations