On January $2,2025,$ Mable Corporation was incorporated in the province of Ontario. It was authorized to issue an unlimited number of no$-$par value common shares, and $10,000$ shares of no$-$par, $$8,$ cumulative and non$-$participating preferred shares. During $2025,$ the firm completed the following transactions:

January $8-$ Accepted subscriptions for $40,000$ common shares at $ $12$ per share. Down payment on the subscribed shares totaled $ $150,000.$

January $30-$ Issued $4,000$ preferred shares in exchange for the following assets:

Machine with a fair value of $ $35,000,$ a factory with a fair market value of $$110,000,$ and land with an appraised value of $ $295,000.$

March $15-$ Machinery with a fair market value of $ $55,000$ was donated to the company.

April $25-$ Collected the balance of the subscriptions receivable and issued common shares.

June $20-$ Purchased $2,200$ common shares at $ $18$ per share. The shares were retired.

December $31-$ Closed the income summary to retained earnings. The income for the period was $ $198,000.$

December $31-$ Declared sufficient cash dividends to allow $ $1$ per share divided for outstanding common shares. The dividend is payable on January $10,2026$ to shareholders of record on January $5,2026.$

Required:

$1.$ Prepare the journal entries to record the above transactions.

$2.$ Prepare a multicolumn statement of changes in equity that explains the change in each equity account.

$3.$ Prepare the shareholders' equity section of the SFP for Marble Corporation at $31$ December $2025.$