Question 4 (30 Marks) Epsilon Limited a company that sell contemporary home accessories was incorporated on 1 April 2017 with an authorized share capital consisting of the following: - 1000000 ordinary shares at N$20 each (600 000 ordinary shares issued). - 2000008% Redeemable preference shares at N\$15 each (200 000 shares issued). These shares were classified as liability. Other balances as at 31 May 2021: - Share premium account N$450000 - Retained earnings N\$1875 500 After getting approval from the shareholders at the annual general meeting the board decided to redeem all the 8% redeemable preference shares as soon as it was feasible to do so. The redemption of the 8% redeemable preference would be partly funded by issuing 100000 new ordinary shares as well utilization of retained earnings. 01 November 2021: Issued 150000 ordinary shares at $$20.75 and all shares were subscribed. The full share issue was underwritten by Fox Brokers Ltd at a commission of 2.5% 15 November 2021: Shares were allotted to the applicants and the transaction with the underwriter were concluded. 30 November 2021: Redemption of 8% redeemable preference shares at a premium of 20 cents. Accrued dividend for the current year was paid to the applicable shareholders. 31 March 2022: It was decided to write off premium on redemption and underwriters commission against retained earnings. Profit after tax for the period amounted to N$650525. The board had agreed to transfer N$50000 to an asset's replacement reserve. Land and buildings were revalued upwardly by N$555000. YOU ARE REQUIRED TO: 1) Journalize the transactions pertaining to the period 01 November 2021 to 31 March 2022. (20 Marks) 2) Prepare the retained earnings ledger account as at 31 March 2022. This account should be properly balanced off. (10 Marks)