Quan Corporation is authorised to issue an unlimitod number of common shares and 500,000 shares of preference shares. During 2017, its first year of operation, the company had a profit of S305,000. the following share transactions occurred Jun 1 Paid the province $1800 for incorporation fees Jun 5 Issued 100,000 of S4 cumulative preferred shares at $22 per share Jun 25 Lawyers for the company accepted 250 common shares as payment for legal services provided in helping the incorporation the legal services are estimated to have a value of $4,500. the shares were actively traded at $20 per share Oct 18 Issued 45,000 Common shares for land, the land had an asking price of S850,000, the shares are currently selling on the TO stock exchange at $18 per share required: 1 Journalize the transactions for Quan Corporation assuming the company follows IFRS 2 prepare the shareholders equity section of the balance sheet as at Dec 31 2017 question 2: Duane Herman sells exercise machines for home use., the machines carry a 4yoar warranty. the past experience indicates that 69% of the units sold wit be netuned during the period for repairs the average cOst of repairs under warranty is $45 for labour and $75 for parts per unit During 2018, 2500 arcise machines were sold at an average price of $800. During the year, 60 af the machines that were sold repaired at the average price ppr unit the opening balance in the warranty lisbility account is zer required 1 prepare the joumal entry to record the repairs madi 2prepare thi jouna entry record the estimated warrarity excele for the sear Deterisnethe balnce in the waanty liablity account at the and of the yeat warnanty