Prince Albert Department Store Ltd$.$ can issue $50,000$ $$4$ cumulative preferred shares. The company's letters patent authorizes up to $550,000$ common shares, and the corporation has $52,000$ common shares outstanding with a book value of $$250,000.$ Presently, no preferred shares are issued. The opening retained earnings equals $$542,800.$

$\backslash$table$[[$Jan$.5,\backslash$table$[[$Prince Albert Department Store Ltd$.$ Issued $4,200$ common shares in exchange for land worth$],[$$$52,000.(1$ marks$)]]],[$Feb$.19,\backslash$table$[[$The board of directors delcared a $4\%$ share dividend $($market value $$\frac{4\mathrm{.}00}{?}$ share$)$ to shareholders$],[$of record on Mar. $1($market value $$\frac{4\mathrm{.}75}{?}$ share$)$ to be distributed on Mar. $16($market value$],[$$$\frac{5\mathrm{.}25}{?}$ share$).(3$ marks$)]]],[$Mar$.16,$Issued the share dividend. $(1$ mark$)],[$Apr$.26,$Sold and issued $10,000$$$4$ cumulative preferred shares for cash at $$16$ per share. $(1\mathrm{.}5$ marks$)],[$May$.12,\backslash$table$[[$The Board declared total cash dividends of $$115,000$ to shareholders of record on May $31,],[$payable on Jun. $22.(3\mathrm{.}5$ marks$)]]],[\backslash$table$[[$Jun$.22]],$Paid the cash dividend. $(1$ marks$)],[$Aug$.14,$The board decided to split the common shares $2$ to $1,$ effective the same day. $(1$ mark$)],[$Dec$.31,\backslash$table$[[$Prince Albert Department Store Ltd$.$ Earned a net income of $$266,000$ for the year. Close out the$],[$income summary account and any other temporary equity accounts. $(2$ marks$)]]]]$

REQUIRED:

Record the journal entries needed to document the transactions from above.

Prepare a statement of changes in equity for the year ended December $31,2021.(8$ marks$)$

Prepare the equity seciton as it would be presented in the balance sheet as at December $31,2021.(4$ marks$)$