Question Two (80 points) ABC Company reported the following amounts in the equity section as on December 31, 2021 in the statement of financial position. $300,000 100,000 Share capital - preference, 6%, $100 par (10,000 shares authorized, 3,000 shares issued) Share capital - ordinary, $5 par (100,000 shares authorized, 20,000 shares issued) Share premium - preference Retained earnings Total 125,000 450,000 $975,000 During 2022, ABC Company took part in the following transactions concerning equity. 1. Purchased 1,500 shares of its own outstanding ordinary shares for $50 per share. ABC uses the cost method. 2. Reissued 200 treasury shares for equipment with a fair value of $10,000. 3. Declared a 15% share dividend on the outstanding ordinary shares when the shares are selling for $55 per share. 4. Issued the share dividend. 5. Declared the annual 2022 86 per share dividend on preference shares. These dividends are payable in 2023. 6. Declared S3 per share dividend on ordinary shares. These dividends are payable in 2023. 7. A 2-for-1 share split is declared and issued. 8. Issued 700 preference shares at $115 per share. Required: Prepare journal entries to record the transactions described above. (10 marks for each transaction)