URGENT

Question Two (80 points) ABC Company reported the following amounts in the equity section of its December 31, 2021, statement of financial position. Share capital-preference, 9%, $100 par (10,000 shares authorized, 3,000 shares issued) $300,000 Share capital-ordinary, $5 par (100,000 shares authorized, 20,000 shares issued) 100,000 Share premium-preference 125,000 Retained earnings 450,000 Total $975,000 During 2022, ABC took part in the following transactions concerning equity. 1. Purchased 2,200 shares of its own outstanding ordinary shares for $50 per share. ABC uses the cost method. 2. Reissued 300 treasury shares for equipment with a fair value of $10,000. 3. Declared a 10% share dividend on the outstanding ordinary shares when the shares are selling for $55 per share. 4. Issued the share dividend. 5. Declared the annual 2022 $9 per share dividend on preference shares. These dividends are payable in 2023 6. Declared $2 per share dividend on ordinary shares. These dividends are payable in 2023. 7. A 2-for-1 share split is declared and issued. 8. Issued 500 preference shares at $115 per share. Required: Prepare journal entries to record the transactions described above. ( 10 marks for each transaction)