The following is an excerpt from Porter Ltd.'s (PL's) year end balance sheet: Porter Ltd. Shareholders' Equity October 31, 2020 During fiscal 2020, the following capital transactions took place: 1. December 4, 2020: PL issued 142,000 common shares in exchange for technology. The shares were trading for $22.70 on that day. As part of the transaction, PL paid an underwriting fee of $44,000. 2. August 10, 2021: PL created a new class of preferred shares, Series B. The shares are cumulative, carry a 3% dividend, and are mandatorily redeemable on August 9, 2030. 2,000 shares were issued for $10,000 each. The corporate charter was amended to authorize 100,000 shares August 12, 2021: Using a portion of the proceeds from the Series B Preferred shares issue, PL repurchased 400,000 common shares in the market for $20.00 each. Required: a. Provide the journal entries to record the capital transactions that took place in fiscal 2020. b. As of October 31, 2021, PL reported comprehensive income of $727,000 inclusive of $15,000 of OCI gains. Prepare a schedule showing the Earned Capital portion of PL's Shareholders' Equity for fiscal 2021, in good form. c. PL's Series B preferred shares are cumulative, while its Series A preferred shares are non-cumulative. How does the cumulative feature differ from the non-cumulative? d. Where on PL's balance sheet would the Series B preferred shares be reported? Explain your