Question 3 (a) A company made an issue for cash of 1,000,000 50n shares at a premium of 30n per share. Write journal entries for the above transactions (2marks) (b) Anders Corporation has issued 100,000 shares of K5 par value common stock. It authorized 500,000 shares. The paid-in capital in excess of par on the common stock is K240, 000. The corporation has reacquired 7,000 shares at a cost of K46, 000 and is currently holding those shares. Treasury stock was reissued in prior years for K47, 000 more than its cost. The corporation also has 2,000 shares issued and outstanding of 7%, K100 par value preferred stock. It authorized 10,000 shares. The paid-in capital in excess of par on the preferred stock is K23, 000. Retained earnings is K372, 000. Required Prepare the stockholders' equity section of the balance sheet. (10marks)