Question 2 Sandhill Limited had the following equity accounts on January 1, 2017: Share Capital-Ordinary (5 par) 420,070, Share Premium-Ordinary 178,100, and Retained Earnings 113,310. In 2017, the company had the following treasury share transactions. Mar. 1 Purchased 5,760 shares at 9 per share. June 1 Sold 636 shares at 13 per share. Sept. 1 Sold 2,440 shares at 11 per share. Dec. 1 Sold 1,010 shares at 7 per share. Sandhill uses the cost method of accounting for treasury shares. In 2017, the company reported net income of 30,600. Journalize the treasury share transactions, and prepare the closing entry at December 31, 2017, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Open accounts for (1) Share Premium-Treasury, (2) Treasury Shares, and (3) Retained Earnings. Post to these accounts using J10 as the posting reference. (Post entries in the order of journal entries presented in the previous part.) Share Premium-Treasury Date Explanation Ref Debit Credit Balance J10 J10 J10 Treasury Shares Date Explanation Ref Debit Credit Balance J10 V J10 J10 J10 Retained Earnings Date Explanation Ref Debit Credit Balance Balance J10 Prepare the equity section for Sandhill Limited at December 31, 2017