Question C1 Below is the shareholders' equity section of Jones Corporation's Statement of Financial Position as at 1 January 2017. Shareholders' Equity Contributed Capital: Ordinary shares, $5 par, 500,000 shares authorized, 120,000 shares issued Share premium: Ordinary shares Retained earnings Total shareholders' equity During 2017, the following events occurred in sequential order: $600,000 360,000 960,000 750,000 1,710,000 (1) Jones issued 2,000 $5 par value ordinary shares in exchange for legal services provided for the formation of the corporation. The legal service expense was valued at $19,500. (2) Jones issued 8,000 of its 10,000 authorized 8% non-cumulative preference shares, $100 at par value, for $108 per share. (3) The board of directors declared and paid all the dividends, including $0.5 per share to ordinary shareholders. (4) Mr Chan bought 1,000 ordinary shares of Jones from Mr Wong at $13,000. Required: (a) Prepare the journal entries for the above transactions. If an event does not require any entry, state "No entry" and no explanation is required. (10 marks) (b) Prepare the shareholders' equity section of the statement of Financial Position for Jones at 31 December 2017, given the company's profit for 2017 is $450,000. (4 marks)