Section B (60%) - Short Questions Answer any FOUR out of the FIVE questions in this section. Answer ALL attempted questions in this section on A4 single-line papers. If you answer more than four questions, only the first four attempted questions will be marked. Each question carries 15 marks. Question B1 Butter Limited was set up in April 2020 to operate a financial consulting business. Its financial year ended is 31 December each year. Its memorandum and articles association authorized the company to 11,500 ordinary shares. Par value per share is $10. During the first year, the following selected transactions were completed: Sold and issued 5,600 shares of ordinary share for cash at $20 per share. Sold and issued 1,000 shares of ordinary share for cash at $25 per share. Bought 1,000 shares from a shareholder for cash at $28 per share. At year-end, the company incurred a loss of $2,000. Required: (a) Prepare the journal entry required for each of the transactions. Show ALL workings. (5 marks) (b) Prepare the shareholders' equity section as it should be reported on the Statement of Financial Position. (7 marks) (c) The board wants to pay dividend. Advice