times with unsuccessful applicants being refunded. 2. The balance is to be provided for out of retained earnings. Additional information: (i) Dividend pertaining to preference shareholders have not been paid since 30 April 2019, as the company incurred operating losses up to the commencement of the present financial year. (ii) To write off all preliminary expenditure and underwritersr commission in the Accounting records immediately after the issue of the 8% redeemable preference shares. (iii) Expenses related to the share issue amount to N35? 000 and premium on redemption were to be written off to share premium. (iv) Profit for the period is N$ 950 650. (v) Income tax is payable at 30%. You are required to: 1.1 Prepare the General Journal entries for Emilia Ltd to record the above transactions. (Narrations are not required.) (1? Marks} 1.2 Prepare the statement of changes in equity for the year ended 30 April 2021