& 01:51:59 3. How many preferred shares are available for issue at December 31, 2023? Preferred shares 4. How many common shares are available for issue at December 31, 2023? Common shares 5 2. Prepare the equity section as at December 31, 2023. (Enter all amounts as positive values.) 01:52:02 DELICIOUS ALTERNATIVE DESSERTS INC. Equity Section of the Balance Sheet December 31, 2023 Contributed Capital: Total contributed capital Total equity 5 Required: 1. Journalize the above transactions. 01:52:08 View transaction list Journal entry worksheet 1 2 3 4 Record the Issues of common shares for cash. Note: Enter debits before credits. Date January 03, 2023 General Journal Debit Credit 5 The equity section of the December 31, 2022, balance sheet for Delicious Alternative Desserts Inc. showed the following: Delicious Alternative Desserts Inc. Equity Section of the Balance Sheet December 31, 2022 3 Contributed capital: 01:52:16 Preferred shares, $0.40 cumulative; 80,000 shares authorized; 50,000 shares issued and outstanding $200,000 Common shares; 250,000 shares authorized; 110,000 shares issued and outstanding 176,000 Total contributed capital $376,000 148,000 $524,000 Retained earnings Total equity During the year 2023, the company had the following transactions affecting equity accounts: Jan. 3 Sold 10,000 common shares for a total of $17,200 cash. Mar. June Dec. 1 Sold 5,000 preferred shares at $3.80 each; cash. 15 Exchanged 7,000 common shares for equipment with a fair market value of $21,000. The last common share trade was dated March 15 at $4.78. 31 Closed the Income Summary account, which showed a credit balance of $270,000. The board of directors had not declared dividends for the past two years (2022 and 2023)