Question 1: Manjit Holdings Inc. has authorized share capital of an unlimited number of common shares and 1,000,000 preferred, $4 non-cumulative preferred shares At January 1, 2018, the balances in its share capital accounts were $45,000 in common shares representing 15,000 shares and $30,000 in preferred shares representing 1,000 shares. The company had a balance of $50,000 in contributed capital from previous years' repurchase of common shares. The retained earnings balance on that date was $242,000 Net income for the year ending December 31, 2018 was $24,000. During 2018, Manjit had the following share transactions: Mar. 1 Jun 30 Sep. 1 Dec. 1 Dec 4 Issued 4,000 common shares for $5 each. Issued 500 preferred shares for $11 each. Issued 60,000 common shares in exchange for land valued at $285,000 Reacquired 50,000 common shares for $5.25 each. Declared a $1 dividend on the preferreds and $0.05 on the common shares, record date Dec. 15; payment date Dec. 28. Instructions (a) Journalize the share transactions (b) Calculate return on equity for 2018. (C) Calculate the EPS for 2018