Please also provide explanation, thank you!

problem 10-2 (Various Share Capital Transactions) The capital accounts of Jayvee co. on January I, 2014 are as follows: 5% Preferenc Share Capital, P100 par, 50,000 shares Preference Share Premium Ordinary Share Capital, P20 par, 250,000 shares authorized, 150,000 shares issued and outstanding Ordinary Share Premium Retained Earnings 250,000 3,000,000 750,000 Each preference share is convertible into four ordinary shares. The following transactions affected the shareholders' equity section of the statement of financial position during 2014: a. b. c. d. e. f. g. Reacquired 5,000 ordinary shares at PI 6. Preference shareholders converted 10,000 of their shares. Issued 500 ordinary shares in settlement of a liability ofP12,500. Declared the regular dividends on preference shares and a cash dividend of P2.OO per share on ordinary shares. Reissued 2,000 treasury shares in exchange for land valued at P50,000. The ordinary shares were split two for one. Reported profit of for the year. Instructions: I. Journalize the preceding transactions. 2. Prepare the shareholders' equity section of the statement of financial position as of December 3 1, 2014.