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Question 2 (Total 20 marks) In 2021, Blessing Home Corporation is authorized to issue 750,000...

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Question 2 (Total 20 marks) In 2021, Blessing Home Corporation is authorized to issue 750,000 shares of $2 par value ordinary shares. During the year, the following selected transactions were incurred: Required: a. Joumalize these transactions for 2021 . (9 marks) b. In October 2022, Blessing Home had the following shares outstanding when the company's board of directors declared $55,000 cash dividends: Allocate the cash dividends between the preference and ordinary shareholders assuming the preference shares are cumulative and nonparticipating and dividends are one year in arrears. marks) c. Should the company disclose dividends in arrears in their financial statement? Please discuss the differences between ordinary and preference shares, and state the reasons why companies may issue preference shares. marks)

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