QUESTION 1 Record of Syarikat Petronas Chemical Berhad on 1 January 2017 shows the following: RM Cumulative Preference Share, 8% Issued 35,000 units 700,000 Share Equity (Common share), Issued 100,000 units 100,000 Retained earnings 1,105,000 Throughout 2017, the following transactions occur: 13 Mac Issued 30,000 units share equity at RM1.50 per unit. 25 Jun Issued 25,000 cumulative preference share 8% to acquire a parcel of land. The share's market price on the day is RM12 per unit. The current market value of the land is estimated at RM285,000. 30 Nov. Declared cash dividend of RM500,000 to all preference shareholders and equity shareholders. The record indicates that no dividend was paid out to preference shareholders in 2016. 1 Dec Company declared share dividend of 1 unit for every 10 units issued as at this date. The current market price of the share is RM1.80 per unit. 15 Dec Made payment for the cash dividend and settled the allocation of share dividends. The net income for the year ended 31 December 2017 is RM200,000. Required: a) Prepare journal entries to record all transactions above. b) Show the calculation and allocation of cash dividend to all shareholders. c) Prepare the owners' equity section in the Statement of Financial Position as at 31 December 2017