The Loomis Plastics Corporation was authorised to issue 20,000 preference shares of 100 nominal LO 2 Comprehensive Shareholders'

LO 3 Equity Transactions LO 4 LO 5 LO 6 LO 7 value, 6 per cent, and 100,000 ordinary shares. The ordinary shares have a 2 nominal value. The share-related transactions for March and April 20xx were as follows:

Mar. 30 Issued 10,000 shares of share capital for 120,000 worth of services rendered in organising and chartering the corporation.

15 Issued 16,000 ordinary shares for land, which had an asking price of 200,000 . The shares had a market value of 12 per share.

22 Issued 10,000 shares of preference shares for \(1,000,000\).

31 Closed the Profit Summary account. Net profit for March was 18,000 .

Apr. 4 Issued 10,000 ordinary shares for 120,000 .

10 Purchased 5,000 own shares for 13,000 .

15 Declared a cash dividend for one month on the outstanding preference shares and . 10 per share dividend on ordinary shares outstanding, payable on April 30 to shareholders of record on April 25.

25 Date of record for cash dividends.

30 Paid cash dividends.

30 Closed the Profit Summary and Cash Dividends Declared accounts. Net profit for April was 28,000 .

REQUIRED 1. Prepare general journal entries for March and April.

2. Prepare the shareholders' equity section of the company's balance sheet as of April 30, 20xx.