Q4. Please show all steps to make the question worth any marks

Tarrou Pharmaceuticals Ltd. had the following shareholders' equity balances on January 1, 2014: During 2014, the following transactions occurred in the order listed below: 1. The company declared and paid total dividends of $1,000,000. 2. The company exchanged 15,000 common shares for a prototype centrifuge. An independent appraiser valued the machine at $80,000. On the transaction date, the shares were actively trading for $5.00 per share. 3. The company issued 10,000 common shares and 2,000 preferred shares for a lump sum of $75,000. At the time of the sale, both the common shares and preferred shares were actively traded. The common shares were trading at $5.25 per share and the preferred shares were trading at $10.00 per share. 4. The company declared a 10% stock dividend on the common shares only. At the time of declaration, the common shares were trading at $5.50 per share. The opening contributed surplus arose from past common share reacquisition transactions. The company follows IFRS. Prepare the journal entries to record the above transactions. For transaction #1, show the allocation of the dividend between the preferred and common classes. Describe the three basic or inherent rights that any unrestricted share has under the Canada Business Corporations Act