Question $3$: Ch $15$ Shareholders' Equity $(25$ Points$)$ Transactions of Natural Health Company are as follows: $$ Date Year $20231-$Jan The company is granted a charter that authorized the issuance of $200,000$ preferred shares and an unlimited number of common shares. $$ Preferred shares $5\%$ dividend, cumulative, non$-$participating, $2,000$ shares issued for $$210,000.$ Common shares: none was issued by Dec $31,20222-$Jan The owners of the corporation are issued $10,000$ common shares for land valued by the Board of Directors at $$410,000($based on an accredited appraisor$).$ The land carrying value was $$405,000.$ The common shares' market price is $$42$ a share at the time of issuance.$10-$Jan The Company issued $1,500$ preferred shares for cash at $$110$ per share. $15-$Jan The Company repurchased and cancelled $1,000$ outstanding preferred shares for cash at $$105$ per share. $18-$Jan Paid $$24,000$ in dividends that were declared in prior periods. $20-$Jan Repurchased for cash and cancelled $500$ of the outstanding preferred shares issued at $$112$ per share. $22-$Jan Issued $1,000$ common shares at $$23$ per share. $31-$Dec Declared the annual dividend on preferred shares and a $$3$ dividend per share on common shares. These dividends were payable at $12/31/2023.2023$ net income for the year was $$400,000$ before the corporate income tax. Assuming $15\%$ corporate income tax rate.$$ Requirements: $$ Part a$)$ Prepare entries in journal form to record the transactions listed above. No other transactions affecting the capital share accounts have occurred. $$ Part b$)$ Assuming Jan $12023$ retained earnings opening balance: $$1,100,000.$ Prepare the Statement of Changes in Shareholders' Equity for the year ended Dec $31,2023$ by taking into account all the transactions above.