Samsung showed the following equity account balances on December 31, 2020: Preferred shares, $5 cumulative, 10,000 share authorized $0 Common Shares, unlimited shares authorized, 5,000 issued and outstanding 575,000 Retained Earnings 650,000 Total Equity $1,225,000 During 2021 Palliser Corporation completed the following transactions: Jan 5 Purchased and retired 1,000 common shares at $118 per share Jan 8 The board of directors declare a 10% share dividend for the common shares they were trading at $120 per share that day. They will be distributed on Jan 25th to the January 12th shareholders on record. Jan 25 Distributed the share dividend Mar 9 Issued 1,000 preferred shares for $200 per share. May 1 The board of directors declare total dividends of $15,000 payable on May 20th to the May 10th shareholders on record. May 20 Distributed the dividend declared on May 1 Dec 31 Close the corporation Income Summary account that had a credit balance of $275,000. Dec 31 Close the dividend accounts the Income Summary account at the end of 2021. Prepare all the appropriate closing entries. REQUIRED: 1. Prepare the general journal entries to record the above transactions. 2. Prepare the Statement of Changes in Equity for Samsung at December 31, 2021. 3. Prepare the Shareholders Equity section of the balance sheet of Samsung at December 31, 2021.