Assignment on EQUITY Question 1 Use information provided below to answer the questions that follow UDM Corporation is authorized by its article to issue 100000 shares of $4 preferred shares and an authorized number of common shares of 1 million shares. The company has already issued 75000 common shares by the beginning of year. The table below shows the transactions that occurred during the first two years of the company's operations: Year 2019 Jan 2 Feb 15 Issued 8000 common shares at $3 per share Paid the promoters $ 7500 in cash Issued 10000 common shares in exchange for a equipment valued at $52000 and land valued at $60000 and purchased building for 95000 cash April 30 May 31 June 30 August 31 Sept 10 Paid suppliers $2250 in kind Sold 9000 common shares for $25000 Issued 5000 preferred shares for cash $30 per share. Board of directors declared cash dividend of $ 0.50 to common shareholders and also declared dividend for preferred shares Paid the dividend both to common shareholder and preferred shareholders Closed the account with $52000 balance in the income summary To the Retained earnings Dec 31 December 31 I REQUIRED (A) Journalize the transactions (B) Make a statement of earnings. The company had a balance of $32000 for last year (C) Give the equity section of the balance sheet Assignment on EQUITY Question 1 Use information provided below to answer the questions that follow UDM Corporation is authorized by its article to issue 100000 shares of $4 preferred shares and an authorized number of common shares of 1 million shares. The company has already issued 75000 common shares by the beginning of year. The table below shows the transactions that occurred during the first two years of the company's operations: Year 2019 Jan 2 Feb 15 Issued 8000 common shares at $3 per share Paid the promoters $ 7500 in cash Issued 10000 common shares in exchange for a equipment valued at $52000 and land valued at $60000 and purchased building for 95000 cash April 30 May 31 June 30 August 31 Sept 10 Paid suppliers $2250 in kind Sold 9000 common shares for $25000 Issued 5000 preferred shares for cash $30 per share. Board of directors declared cash dividend of $ 0.50 to common shareholders and also declared dividend for preferred shares Paid the dividend both to common shareholder and preferred shareholders Closed the account with $52000 balance in the income summary To the Retained earnings Dec 31 December 31 I REQUIRED (A) Journalize the transactions (B) Make a statement of earnings. The company had a balance of $32000 for last year (C) Give the equity section of the balance sheet