SECTION Problem #13 Shareholders' Equity: Transactions and Statement The shareholders' equity section of L. Generales Corporation at Dec 31, 2018, follows: Ordinary Shares, P10 par, 100,000 shares authorized, 25,000 shares issued, 4,000 shares are in the treasury P250,000 Share Premium 325,000 Share Premium-Treasury 12,000 Retained Earnings 198,000 Total P785,000 Less: Treasury Stock, 4,000 shares at cost 100,000 Total Shareholders' Equity P685,000 Note: A portion of retained earnings is restricted due to the purchase of treasury stock The following transactions affecting shareholders' equity occurred during 2019: Jan. 8 Issued 10,000 shares of previously unissued ordinary shares for P26 cash per share. Mar. 12 Sold all of the treasury shares for P27 cash per share, June 30 Declared a 6% share dividend on all outstanding ordinary shares. The market value of the share was P30 per share. July 10 Issued the share dividend declared on June 30. Oct. 7 Acquired 1,100 ordinary shares for the treasury at P28 per share. Dec. 18 Declared a cash dividend of P2.00 per outstanding ordinary share, payable on Jan. 9 to shareholders of record on Dec. 31. 31 Closed the income summary account, with profit of P183,000 to retained earnings 31 Closed the dividend accounts to retained earnings Required: 1. Prepare journal entries to record the foregoing transactions. 2. Prepare the statement of changes in shareholders' equity for 2019