Question 3: The following is the shareholders' equity part of Company ABC 's balance sheet: The following are transactions that happened during the year 2022: Jan. 18: company declared cash dividends of $520,000, indicate the amount payable to each class of shareholder (use 2 separate payable accounts). Feb 1: Paid the cash dividend declared on Jan 18. May 25: declared 20% stock dividend on common shares. The market value of the shares was $14.50 per share. June 20: distributed the common shares dividend declared on May 25. Dec 31: close the net income of $1,115,000 to retained earnings. Required: - Record the transactions in the general journal. - Present the shareholders' equity section of the balance sheet as of December 31, 2022