Please answer Problem 12-8B. Thank you.

Analysis Component: Calculat e favourable or unfavourable ?Explain ,4,5,6 tions, dividends, statement of changes in equity L02,3 $754,500; 3. Equity. Dec. 31, 2 CHECK FIGURES: 2. Retained earnings, Dec. 31, 2017 $ RES: 2. Retained earnings, Dec. 31, 2017 onents of Pace Oil & Gas Corp. began operations in 2015. Its balance equity on December 31, 2015. p bean operations in 2015. Its balance sheet reported the following c Pace Oil &Gas Cop Equity Section of the Balance Sheet December 31, 2015 Contributed capital: Preferred shares, $1.80 non-cumulative, unlimited shares s 780,000 authorized; 25,000 shares issued and outstanding. Common shares, unlimited shares authorized: 162,500 shares issued and outstanding 1.755.000 $2,535,000 681,000 $3,216,000 Total contributed capital. earnings... Retained Total equity ration completed these transactions during 2016 and 2017: corpo 2010 Jan. 1 Sold 50.000 common shares at $11.40 per share. The directors declared the first cash dividend totalling $191,250 payable on Feb. 28 to the Feb. 5 of record. Paid the dividends declared on January 5. issued preferred shares for a total of $486,000. The average issue price was $32.40 per share. Closed the dividend accounts along with the Income Summary account, which reflected profit ea of $768,000. 5 shareholders 28 Feb. rned during 201 2017 directors declared a $1.80 cash dividend per preferred share and a so.90 per common sh able on October 28 to the October 5 shareholders of record. 5 The sept payab 28 31 Paid the dividends declared on September 5. Closed the dividend accounts along with the $240,000 debit balance in the Income Summary account. Requlred t, Prepare journal entries to record the transactions and closings for 2016 and 2017 are the statement of changes in equity for the year ended December 31, 2017. are the equity section of the company's balance sheet as of December 31, 2017. 3. Prep