Question 3 nts of Marrell Ltd. on January 1, 2017, were as follows. e equity accou Share Capital-Preference (9%, $50 par, authorized, 8,000 shares issued) cumulative,10,000 shares $ 400,000 Ordinary ($1 stated value, 2,000,000 shares authorized, 1,000,000 1,000,000 shares issued) Share Premium-Preference Share Premium-Ordinary Retained Earnings Treasury Shares Ordinary (20,000 shares) 100,000 1,450,000 1,816,000 50,000 e- had the following transactions and events pertaining to During 2017, the corporation its equity Feb. 1 Issued 37,000 ordinary shares for $152,000. Apr. 14 Sold 9,000 treasury shares -ordinary for $42,000. Nov. 10 Purchased 1,000 ordinary shares for the treasury at a cost of $6,000. Determined that net income for the year was $452,000. Close the income summary account. Declared a dividend of $0.5 per ordinary share, to be payable in April 2018. There is no dividend in arrear for the preference shares. Dec. 31 Dec. 31 Required: (a.) Journalize the transactions and the closing entry for net income and dividend. (b.) Prepare the equity section of the statement of financial position at December 31 2017