answer Q 1 correct

please with complete details an explanation

1.1 Prepare the joumal entries to record the transactions of Canada Ltd. (Show all workings.) 1.2 Prepare the equity section as at December 2022. Answer the question in the space provided below. Canada Lid has been authorised to issue 400000$100 par value, 10% no-par non-cumulative preference shares and 3000000 no-par ordinary shares. The company assigned a $5.00 stated value to the ordinary shares. On 31 December 2022, the ledger contained the following balances pertaining to equity: Additional information: All the preference shares were issued for land having a fair value of $250000. All the ordinary shares were issued for $6,00 cash. On 1 Nowember, 1500 ordinary shares that were stated at $5 were purchased for the treasury at a cost of $9 per share. In December, 500 treasury shares were sold for $11 per share. No dividends were declared in 2022 . Joumal entries