Question 7 (10 points) Mannequin Ltd. was incorporated on January 1, 2022. During the year the company entered into the following transactions: Jan 5 Issued 50,000 common shares for $2.50 per share. Jan 20 Issued 3,000 common shares to settle legal expenses. The value of the legal expenses was $10,000. Feb 10 Issued 10,000 preferred shares for $30.00 per share. Aug 12 Repurchased 15,000 common shares for $2.40 per share. Oct Issued 5,000 common shares for $2.25 per share. Dec 31 Repurchased 20,000 common shares for $2.65 per share. 1 Instructions Record the above transactions