Q3. b ) and Q2 pls

3. Provide journal entries (or explain why none is required) for the following preferred share events: a. Issuance of 250,000 preferred shares at the market price of $90 / share ( 2 marks). b. After issuing preferred shares, an original owner of 100 preferred shares sells them at the fair market value of $105 each to a friend ( 2 marks). 2. HEMI plans to issue 250,000 preferred shares with a stated dividend rate of $5 per share. HEMI's Board of Directors intends to declare the following amounts of dividends based on projected cash flow. HEMI's Accountant has asked you to complete the following table indicating how much of the dividends declared will be paid to the preferred shareholders depending on whether the preferred shares are non-cumulative or cumulative (4 marks)