Question 3: Shareholders' equity - 20 marks Mandelin corporation was organized on January 1, 2023. It is authorized to issue 100,0006%, $40 par valv preference shares, and 1,000,000, $5 par ordinary shares. The following share transactions were complet during the first year. Jan. 10 Issued 500,000 ordinary shares for cash at \$7 per share. Jan. 30 Attorneys for the company accepted 500 ordinary shares as payment for legal services renderec helping the company incorporate. The legal services are estimated to have a value of $5,000. Apr. 1 Issued 30,000 preference shares for cash at $55 per share. July. 2 Issued 100,000 ordinary shares for land. The land had an asking price of $900,000. The shares currently sold on a national stock exchange at $8 per share. Nov. 15 Issued 10,000 preference shares for an equipment having a $700,000 asking price. The fair I of the equipment is $650,000. Required: a) Journalize the equity transactions during 2023 for Mandelin Corporation (15 marks). b) Prepare the share capital section of the statement of financial position at December 31,2023