tung Problem 1 Jordan Company has the following amounts in the Equity section as of January 1, 2020 Share Capital - Preference, 10%, $100 par (20,000 shares authorized 2,000 shares issued and outstanding 200.000 Share Capital - Ordinary, $5 par (100,000 shares authorized 20,000 shares issued and outstanding) 100,000 Share Premium - Preference 125.000 Retained earnings 750,000 Total 1,175,000 During 2020, Jordan has the following transactions Apr. 1 Purchased 3,000 shares of its own outstanding ordinary shares for $30 per share (cost method May 31 Reissued 1,000 treasury shares in exchange for land valued at $25,000 July 1 Declared and issued a 2 for 1 share split on ordinary share July 31 Declared a 10% share dividend on the outstanding ordinary shares when the market price was $40 per share. Sep 1 Issued the share dividend. Oct 1 Reissued the remaining 2.000 treasury shares at $35 per share. Dec. 31 Declared the annual 2020 dividend on preference shares and $3 per share dividend on ordinary shares. Requirements: a. Journalize the transactions b. Prepare the Equity section as of December 31, 2020, assuming that the net income for the year is $400,000 Apr. 1