Question 2 (Total 20 marks) Media Corporation reports the following components of stockholder's equity on January 1, 2022. Share Capital - Ordinary, $2 par value, 3,000,000 shares authorized, 1,000,000 share issued and $2,000,000 outstanding Share Premium - Ordinary 500,000 Share Capital - Preference, 4% cumulative, $100 par value, 5,000 shares authorized, 1,000 share issued and $100,000 outstanding Retained Earnings 8,750,000 Total Stockholders' Equity $11,350,000 During 2022, the company completed the following transactions affecting the stockholder's equity: Jan. 14 Issued 50,000 ordinary shares at $4 each, receiving cash. Mar. 7 May 20 Purchased 45,000 of its own ordinary shares at $8 cash per share. Declared cash dividends of $0.2 per share on ordinary shares. Sold 8,000 treasury shares at $10 cash per share. Sold 6,500 treasury shares at $5 cash per share. June 8 July 10 Oct. 12 Declared and paid in full the cash dividends on preference shares. The preference dividends in 2021 have not been paid. Dec. 31 Closed the $1,800,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Journalize (9 marks) the above transactions for 2022. 2. Prepare the shareholders' equity section of the company's statement of financial (5 marks) position as at December 31, 2022. 3. Explain the differences between ordinary shareholders' dividends and preferences shareholders' dividends using the transactions above. (6 marks)