Wing Limited completed the following transactions during the year 2022 as follows: Jan.9. Split the ordinary shares 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 ordinary shares outstanding. Feb.28. Purchased 40,000 shares of the corporation's own ordinary shares at $28, recording the shares at cost. May 1. Declared semiannual dividends of $0.8 on 75,000 shares of preference shares and $0.12 on the ordinary shares to shareholders' record on June 1, payable on July 10. July 10. Paid the cash dividends. Sept.7. Sold 30,000 treasury shares at $34, receiving cash. Oct.1. Declared semiannual dividends of $0.8 on the preference shares and $0.12 on the ordinary shares. Oct.2. A bonus issue was declared as 2% of the number of ordinary shares outstanding. The fair market value of the ordinary shares is estimated at $36. Required: a) Explain the reasons for share splits and how to accounting for the share splits on January 9,2022? b) Prepare journal entries to record each of the transactions for the year 2022