Problem 3: (13 marks) (24 minutes) The Iris Corporation had the following Shareholders' Equity section as at December 31, 20x4: Preferred Shares. $7, noncumulative, 100,000 shares outstanding Common shares, 5,000,000 shares issued and outstanding Retained earnings $10,000,000 24,000,000 8,000,000 $42,000,000 The following transactions took place in 20x5. (1) (4) Issued 1,000,000 common shares for total cash consideration of $6,000,000. Issued 500,000 common shares for total cash consideration of $3,400,000. Repurchased and cancelled 100,000 common shares at $12 per share. Issued 50,000 common shares for a land and building. An independent appraisal of the land and building indicated that the market value was $100,000 for the land and $350,000 for the building Split the common stock 2:1. Declared the dividends on preferred shares. Declared a $0.50 dividend on common shares. (7) Required - Prepare the journal entries to record these transactions. Round any unit amounts to two decimals