Question $2(20$ marks$)$

Zhuhai Constructions Limited has two classes of shares as of December $31,2023$:

$$ Ordinary shares, $$1$ par value, $1,000,000$ shares authorized; $200,000$ issued and outstanding

$$ Preference shares, $$10$ par value, $3\%$ cumulative, $200,000$ shares authorized, $60,000$ shares issued and outstanding.

As of December $31,2023,$ the retained earnings balance was $$300,000,$ with no share premium or treasury shares recorded.

The profits after tax for the year $2024$ was $$150,000.$ The fiscal year ended at December $31.$

The following transactions affect shareholders' equity during $2024$:

$\backslash$table$[[$January $2,$Issued $60,000$ shares of preference shares for $$12$ per share.$],[$February $14,$Issued $110,000$ shares of ordinary shares for $$70$ per share.$],[$May $8,$Repurchased $11,000$ shares of its own ordinary shares for $$60$ per share.$],[$May $31,$Reissued $5,500$ shares of treasury shares for $$65$ per share.$],[$December $1,\backslash$table$[[$Declared a cash dividend on its ord inary shares of $$0\mathrm{.}25$ per share and a $3\%$ of par value$],[$of cash dividend on its preference shares payable to all shareholders of record on$],[$December $14.$ The dividends were paid on December $30.]]],[$December $14,$Recorded all shareholders for dividend declared an December $1.],[$December $30,$Paid the cash dividends declared on December I.$]]$

Required:

a$)$ Determine the number of issued and outstanding ordinary shares as of May $31,2024$ after reissue of treasury shares.

$(1$ mark$)$

b$)$ Joumalize each transaction with the correct date.

$(13$ marks$)$

c$)$ Prepare a table to display the balances of each account in shareholders' equity as of December $31.2024.$

$(4$ marks$)$

d$)$ Please provide a written explanation of how to record the tramaction when Thuhai Corporation reissued a remaining $5,500$ treasury shares for less than $$60$ in January $2025.($responses that include double$-$entry accounting will not receive any mark$)$

$(2$ marks$)$