Question 4 (12 marks) Jerusalem Corporation is authorized to issue 500.000 ordinary shares with a $3 par value. and 20,000, $50 par value, 8% cumulative preference shares The equity section of Jerusalem Corporation at December 31, 2018 is as follows. Jerusalem Corporation Statement of Financial Position (partial) December 31, 2018 $ 240,000 Equity Share capital-ordinary, $3 par, 500,000 shares authorized 80,000 shares issued. Share premium-ordinary Retained earnings Total equity 160,000 440,000 $840,000 During 2019, the company has the following selected transactions Jan. 1 The board of directors declared a 2 for 1 share split Jan. 15 Purchased 10,000 ordinary shares for treasury at $12 per share. April 1 The board of directors declared a $1.20 per share cash dividend, payable May 10, 2019, to shareholders of record on April 30, 2019. May 10 Paid the cash dividends declared May 20 Sold 4,000 treasury shares at $14 per share Nov. 20 The board of directors declared a 10% share dividends. The market price per share was $13. payable January 15, 2020, to shareholders of record on Dec. 20, 2019 Dec. 25 Issued 12,000 ordinary shares and 3,000 preference shares for land. The fair value of the land is $360,000. The market price of the ordinary shares was $14. Instructions: 1. Journalize the above transactions 2. Prepare the equity section at December 31, 2019 in a good format