1. On January 2, 2019, A Inc. was incorporated. The corporation was authorized to issue 100,000,000 shares of $5 par value common stock and 10,000,000 shares of 5% cumulative $100 par value preferred stock. During 2019, A Inc. effected the following transactions: Jan. 5 Issued 1,000,000 shares of common stock for $30 per share. Paid $200,000 in stock issuance cost. 8 Issued 20,000 shares of common stock in full payment of a $580,000 bill from the Z Law Firm for services performed by Z in incorporating A Inc. Feb. 8 Issued 15,000 shares of preferred stock for $1,550,000. Nov. 1 Purchased 50,000 shares of its common stock at $40 per share. Dec. 31 Reported net income of $5,000,000 INSTRUCTIONS: (15 points) a. Prepare the journal entries to record the above transactions. b. Showing which accounts and amounts you included in each category, determine the amount of A Inc.'s contributed capital, retained earnings, and total equity as of Dec 31, 2019. (If you prefer, you can prepare the equity section of the balance sheet.)