$1.$ Caronport Carpentry Shop Ltd$.$ can issue $\backslash (90,000\backslash$$ $4\backslash )$ cumulative preferred shares. The company's letters patent authorizes up to $700,000$ common shares, and the corporation has $69,000$ common shares outstanding with a book value of $\backslash (\backslash$$ $254,000\backslash ).$ Presently, no preferred shares are issued. The opening retained earnings equals $\backslash (\backslash$$ $543,700\backslash ).$

REQUIRED:

$1)$ Record the journal entries needed to document the transactions from above.

$2)$ Prepare a statement of changes in equity for the year ended December $31,2023.(8$ marks$)$

$3)$ Prepare the equity seciton as it would be presented in the balance sheet as at December $31,2023.(4$ marks$)$