XYZ Corporation had following transactions: a. On January 4, 2020, it offered 25,000 ordinary shares were issued with a par value of $1 and market price of $50 each. (5 marks) b. On June 1, it offered 22,500 equity shares at their market value of $1.80 each (Par value is $1). (5 marks) c. Company has in issue 200,000, $ 1 equity shares and a share premium account balance of $ 550,000. It makes a bonus issue of two for one, utilizing its share premium account. (5 marks) d. On 1st of December, it offered again 25,000 shares of $ 1 par value ordinary shares for a patent. XYZ cannot readily determine the fair value of the patent, but it knows the fair value of the shares is $ 50,000. (5 marks) Required: Journalize the above transactions (show calculations clearly) 2. Explain the main differences between ordinary and preference shares (10 marks)