Solving questions: Answer the solving questions in space provided below. Question 1 (4 Marks) Required: Record the journal entries of the transactions given below. Canada Company paid $60,000 to buy back 12,000 shares of its $1 par value ordinary shares. These shares were sold later at a selling price of $7 per share. Accounts Dr Cr Question 2 (3 Marks) Required: Prepare the equity section in the statement of financial position, using the information given below. Canada Corporation was organised on 2 January 2020. During 2020, Canada issued 20,000 shares at $32 per share, purchased 4,000 treasury shares at $26 per share, and had net income of $500,000.