EXERCISE $15\mathrm{.}18(30-35$ minutes$)($a$)1.$ Dividends Payable$-$Preference$(2,000\backslash$times $$8)...$Dividends Payable$-$Ordinary $(20,000$ x $$2).$Cash$\mathrm{.}2.$ Treasury Shares..Cash $(2,700\backslash$times $$40)\mathrm{.}3.$ Land..Treasury Shares $(700$ x $$40).$Share Premium$-$Treasury..$\mathrm{.}4.$ Cash $(500$ x $$105).$Share Capital$-$Preference$(500\backslash$times $$100)...$Share Premium$-$Preference.Retained Earnings $(1,800*$ x $$5).$Ordinary Share Dividend Distributable $(1,800\backslash$times $$5).*20,000-2,700+700\backslash$times $\mathrm{.}106.$Ordinary Share Dividend Distributable.Share Capital$-$Ordinary$\mathrm{.}7.$Retained Earnings.Dividends Payable$-$Preference $(2,500\backslash$times $$8)..$Dividends Payable$-$Ordinary$19,800*\backslash$times $$2..*18,000+1,800$