1. MacCullum Corporation is authorized to issue 1,000,000, $ 6 par value ordinary share. In 2019, the company has the following transactions : o January 10, issued 250,000 ordinary share at $ 8 per share February 1, issued 20,000 shares to attorneys in payment of a bill for $ 85,000 for service performance in helping the company to incorporate. o March 10, issued 100,000 ordinary shares for the building. The building will be used as MacCullum Corporation's headquarter as well as additional income. The building had an asking price of $ 950,000. MacCullum's shares are currently selling on the national exchange at $ 8,25 per share. - May 10, MacCullum issued 40,000 of 5% cumulative preference shares with a par value $ 20 for $ 25 per share Aug 24, MacCullum Corporation acquired 50,000 of its own ordinary shares for $ 12 per share. The company uses the cost method. o Sept 30, MacCullum declared $ 150,000 dividend. The payment will be made on December 15. - Nov 15, MacCullum sell the treasury shares for $ 15 per share. Instruction : 1. Journalize all the transaction 2. Compute the allocated cash dividends 3. Prepare the equity section of the company. The company has retained earnings for $ 550,000. In 2019, the company earned net income of $ 350,000