QUESTION 2 The partial information in the Statement of Financial Position of Lala Bhd. as at 31 December 2016 is as follows: LaLa Bhd. Statement of Financial Position (partial) as at 31 December 20164 RM Shareholders' Equity Issued and Paid-up Share Capital: 800 000 unit Cumulative Preference Shares, 8% 1,500,000 300 000 unit Ordinary Share 450,000 Retained Earnings 515,000 During the year of 2017, the following transactions occurred: Jan 18 May 7 July 5 August 8 Issued 100,000 unit ordinary shares at price RM1.90 per unit. Issued 35,000 unit of ordinary shares to acquire a land. The asking price by the seller was RM60,000. The market price of the ordinary share on the date of issuance was RM1.80 per share. + Issued 1,000 unit 8% cumulative preference shares at price RM28 per unit. Board of Directors declared cash dividend RM380,000 to cumulative preference shareholders and ordinary shareholders. There were no dividends declared for the year 2016. The company declared share split for ordinary share, 2 new shares for every single existing share. The market price for the ordinary share as at this date is RM1.5 per share. The company declared 8% share dividend to shareholders of ordinary share. The share price of the ordinary share at this date is RM1 per share. Paid the cash dividend. Oct 10 Nov 15 Dec 30 Additional information: Net income for the current year is RM326,100.- Required: a) Show the journal entry to record all the above transactions. b) Calculate the dividend distribution of cash dividend to the company's shareholders. c) Show the Shareholders' equity part in the Statement of Financial Position as at 31 December 2017