Problem 3 (22 marks) Easter Bunny Gaming Ltd. (EBG) showed the following equity section of the balance sheet as at December 31, 2020: EASTER BUNNY GAMING LTD. Equity Section of Balance Sheet December 31, 2020 Contributed capital: Common shares, unlimited shares authorized; 620,000 shares issued and outstanding....... Retained earnings....... Total equity ......... $3,596,000 1,124,000 $4,720,000 During 2021, the company had the following transactions affecting equity accounts: Feb 22 Issued 140,000 common shares at $6.40 per share. May, 22 Declared a 3:1 share split to shareholders of record on June 1; the distribution date was June 15. Aug 5 Declared a 5% share dividend to shareholders of record on August 30 to be distributed Sept 15. The market prices of the shares on Aug. 5, Aug. 30, and Sept. 15 were $6.98, $7.07, and $6.92, respectively. Sept. 15 Distributed the share dividend declared on August 5. Dec. 31 Closed the $806,500 in profit earned to the Income Summary account. Required 1. Prepare the journal entries to record the transactions and closings for 2021. 2. Prepare the equity section of the balance sheet as of December 31, 2021