The equity section of Benton Corporation's statement of financial position as of December 31, 2018 is as follows: Equity Share capital-ordinary, 5 par value; authorized, 2,000,000 shares; issued, 400,000 shares $2,000,000 Share premium-ordinary 850,000 Retained earnings 3,000,000 $5,850.000 The following events occurred during 2019: 1. Jan. 5 20,000 shares of authorized and unissued ordinary shares were sold for $7 per share. 2. Jan. 16 A 20% share dividend was declared and issued. Fair value is currently $10 per share. 3. Feb. 10 20,000 shares of authorized and unissued ordinary shares were sold for $15 per share. 4. Apr. 1 Declared a cash dividend of $0.15 per share, payable May 15 to share-holders of record on May 5. (Prepare ALL entries related to this transaction) 5. Aug 1 A two-for-one split was carried out. Fair value on March 31 was $20 per share. 6. Dec. 31 Net Income for the year was $350,000. REQUIREMENTS: (a) Prepare the journal entries for the above transactions (b) Prepare the Equity section as of December 31, 2019