Based on the given information, please answer Analysis Component. Thanks!

Work you have completed so far. It does not india B among those that occurred during the first three years of operations: 2020 Jan. 12 Issued 40, 450 common shares at $4.7 each. 20 Issued 5,000 common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $35,000. 31 Issued 79,000 common shares in exchange for land, building, and equipment, which have fair market values of $359,000, $479,000, and $47,000, respectively. Mar. 4 Purchased equipment at a cost of $8,150 cash. This was thought to be a special bargain price. It was felt that at least $10,700 would normally have had to be paid to acquire this equipment. Dec. 31 During 2020, the company incurred a loss of $95,000. The Income Summary account was closed. 2021 Jan. 4 Issued 4,000 preferred shares at $71 per share. Dec. 31 The Income Summary account was closed. Profit for 2021 was $215,000. 2022 Dec. 4 The company declared a cash dividend of $0.32 per share on the common shares payable on December 18 and also declared the required dividend on the preferred shares. 18 Paid the dividends declared on December 4. 31 Profit for the year ended December 31, 2022, was $190,115. The Income Summary account was closed. Required: 1. Journalize the transactions for the years 2020, 2021, and 2022. The company does not use a cash dividends account. Answer is complete and correct. No Date General Journal Debit Credit 1 Jan 12, 2020 Cash 190,115 Common shares 190,115 2 Jan 20, 2020 Organization expenses 35,000 No General Journal Debit Credit Date Jan 12, 2020 1 190,115 Cash Common shares 190,115 2 Jan 20, 2020 35,000 Organization expenses Common shares 35,000 3 Jan 31, 2020 Land Building Equipment Common shares OOOO 359,000 479,000 47.000 885,000 4 Mar 04, 2020 > 8,150 Equipment Cash 8,150 5 Dec 31, 2020 Retained earnings 95,000 >> Income summary 95,000 > 6 Jan 04, 2021 284,000 Cash Preferred shares 284,000 7 Dec 31, 2021 215,000 Income summary Retained earnings 215,000 8 Dec 04,2022 97,024 Retained earnings Preferred dividends payable Commnn dividends navahla 57,200 39 824 3 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not 3 8 Dec 04, 2022 97,024 Retained earnings Preferred dividends payable Common dividends payable OO 57 200 39,824 9 Dec 18, 2022 57.200 Preferred dividends payable Common dividends payable Cash 39,824 97,024 10 Dec 31, 2022 190.115 Income summary Retained earnings 190,115 2. Prepare the statement of changes in equity for the year ended December 31, 2022. (Amounts to be deducted should by a minus sign.) Answer is complete and correct. HAMMOND MANUFACTURING INC. Statement of Changes in Equity For Year Ended December 31, 2022 Preferred Common Shares Shares $ 284,000 $ 1.110,115 Retained Earnings $ 120,000 Total Equity $ 1,514, 115 Balance, January 1 Issuance of shares Profit 190, 115 190,115 3 Equity Section of the Balanta Sheet December 31, 2022 Contributed capital: Common shares, unlimited shares authorized, 124,450 shares issued and outstanding Preferred shares. $14.3 noncumulative, 100,000 shares authorized, 4,000 shares issued & outstanding $ 1,110,115 284 000 Total contributed capital $ 1,394,115 Retained earnings Total equity 213,091 $ 1,607,206 Analysis Component: Determine the net assets of Hammond Manufacturing Inc. for 2020, 2021, and 2022. Is the trend favourable or unfavourable? Answer is not complete. 2020 2021 2022 Net assets Trend