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Question E: Santa Inc. [12 Marks| [18 Minutes] Santa has come to you knowing that you just successfully completed an introductory accounting course. With economic hard times, trade tariffs and overall country deficits, Santa has had to get creative with funding for Christmas toys and deliveries. As a result, this year, he took the North Pole public and obtained some other financing . In addition, in order to reduce some tariff expenses, Santa [Santa Inc now - SI], invested in some land in the country of Twinkleville. Assume SI has a year end of December 31st. Your job is to prepare journal entries for the activities that took place below. Make sure you show all your work: 1. SI sold 100,000 common shares for $550,000 cash; 2. SI sold 5,000 preferred shares for $500,000 cash. Each preferred share is cumulative and carries a dividend of $2 each; 3. SI gave the President of Twinkleville 10,000 shares in exchange for a plot of land in Twinkleville. The land had an appraised value of $189,000; 4. On October 1", SI declared a total dividend of $80,000 to all shareholders; 5. November 1st, Date of Record for Sharcholders 6. December 15th, the dividend was paid to the Shareholders of record