Preparing the Shareholders' Equity Section after Selected Transactions (P11-3) The shareholders' equity accounts of Gennar Inc, at January 2, 2017, are as follows: LO11-3,11-4,11-6,11-8 AP11-3 S 200,000 Preferred shares, no par value, cumulative, 4,000 shares issued 2.500,000 Common shares, no par value, 125,000 shares issued Retained eamings 1.600,000 The following transactions occurred during the gear March 10 Purchased a building for $3,000,000. The seller agreed to receive 20,000 preferred shares and 15,000 common shares of Gennar in exchange for the building. The preferred shares were trading in the market at $50 per share on that day. Declared a semi-annual cash dividend of $1.00 per common share and the required July 1 amount of dividends on preferred shares, payable on August 1, 2017, to shareholders of record on July 21, 2017. The annual dividend of $2 per preferred share had not been paid in either 2013 or 2017. Paid the cash dividend declared on July 1 to both common and preferred August 1 shareholders. Determined that net earmings for the year were $385,000. December 31 Required: 1. Prepare journal entries to record the above transactions. 2 Prepare the shareholders' equity section of Gennar's statement of financial position as at December 31, 2017