Shares Ordinary - Ordinary, $1 par value 500,000 shares authorized, 300,000 shares issued and outstanding $300,000 $600,000 $3,500,000 $4,400,000 Shares prem Retained ear Total Equity During the year, the company had following transactions occurred: Mar. 1 Issued 50,000 ordinary shares for $200,000. Jun. 1 Acquired 10,000 shares of its shares for the treasury at $5 per share Sep. 1 Sold 2,000 shares of Treasury shares at $7 per share Dec 1 Declared a cash dividend of \$1.0 per share to shareholders of record on Dec 15. Dec 20 Sold 5,000 shares of Treasury shares at $4 Dec 30 Paid cash dividend. Instructions 1. Prepare journal entries to record the above transactions. 2. Company had net income of $400,000 in 2021 . Please prepare the equity section of balance sheet as of December 31, 2021