Question three: (10 marks) A) Toto Company has share outstanding as follows: Ordinary, $2.5 par value per share, 400,000 shares; Preference, 3%; $100 par value per share, 100,000 shares. The Preference is cumulative (two years are in arrears) and participate. If the total amount of cash dividends declared for both classes of shares is $1,500,000 a 15, December2018 Required: Prepare the needed entry for separating the dividend into the ording and Preference portions? B) Atra Co.'s equity section from disclosed statement of financial positions at December 31, 2018, was as follows: Ordinary --$5 par (authorized and outstanding 500,000 shares) Premium ordinary Retained earnings 2,500,000 2,500,000 1,500,000 During the first quarter of 2019 the following treasury transactions took place 1- On January 4, Atra Co repurchased 50,000 shares of its outstanding shares for $300,000 2- On February 1, Atra. Co. sold 20,000 of the reacquired shares at $7 per share 3- On March 30, Atra Co. sold 25,000 of the reacquired shares for $5 per Required: Journalize the above economic events and prepare hareholders equity section at 31/03/2019