The liability and shareholders' equity accounts of SQ Software Berhad at 1 January 2017 are as follows RM Liabilities Trade and other payables Total liabilities 108,000 Shareholders' Equity 890 Preference shares, no par value 150,000 shares authorised Ordinary shares no par value, 1,000,000 shares authorised Capital reserve Retained earnings Total equity Total liabilities and equity 250,000 500,000 275,000 888,000 913.000 2.021,000 In 2017, SQ Software Berhad has successfully developed a new spreadsheet programme. However to produce and market the product, the company needed RM3.0 million of additional financing The following transactions took place in 2017 1. On January 1, 2017 the company issued 100,000 shares of ordinary shares to existing and new shareholders at RM14 per share. On the same date, the company issued a further 20,000 shares of preference shares at RM60 per share. 2. 3. In addition to the shares issued, the company issued RM1.0 million 10%, 10-year bonds 4. payable for RM886. 996. The market rate is 12% at the issue date The trade and other payables were paid in December 2017 On 31 December 2017, the company declared preference share dividend and ordinary share dividend of 13 sen per share to ordinary shareholders available on date, both dividends were payable on Jan 10, 2018 On 31 December 2017, the company paid interest on bonds. The Income Summary account, showing net income for the year of RM114,440, was closed into the Retained Earnings account. 5. 6. 7. Required a) Joumalise the above 2017 transactions (12 marks) Prepare the updated liability and shareholders' equity accounts of SQ Software Berhad at December 31, 2017 b)