Question ci Spirit Corporation was incorporated in 2015 and engaged in trading of wine products. Part I Spirit Corporation was authorized to issue 500,000 ordinary shares of $4 par value and 200,000 5% non-cumulative preference shares of $10 par value. During 2015, 100,000 preference shares were issued at par and 400,000 ordinary shares were issued for $6 per share. Spirit Corporation reported profit of $1,550,000 in 2015, $2,650,000 in 2016 and $1,800,000 in 2017 and paid dividends of $1.5 per share each year on the ordinary shares outstanding. All preference share dividend requirements were also satisfied. Required: Prepare the shareholders' equity section of the statement of Financial Position for Spirit Corporation at 31 December 2017. (4 marks) Part II During 2018, the following transactions of Spirit Corporation occurred in sequential order: (1) Issued 10,000 ordinary shares in exchange for a truck valued at $60,000. (2) Declared the fixed dividends to preference shareholders. The dividends will be paid in January 2019. (3) Reacquired 50,000 shares of its own $4 par value ordinary share at a price of $10 per share. (4) Reissued 20,000 shares of the treasury share originally purchased for $10 per share. The shares were reissued at $12 per share. Required: Prepare the journal entries for the above transactions. No explanation is required. (10 marks)