1. Sweet & Sour, Inc., is authorized to issue 120,000 shares of ordinary shares and 8,000 shares of preference shares. During its first year, the business completed the following share issuance transactions: Apr. 19 Issued 18,000 shares of 3.50 par ordinary share for cash of 7.50 per share. Nov. 3 Issued 700 shares of no-par preference share for 56,000 cash. 11 Received inventory valued at 18,400 and equipment with market value of 10,600 for 4,000 shares of the 3.50 par ordinary share. Requirements 1. Journalize the transactions. Explanations are not required. 2. Prepare the shareholders' equity section of Sweet & Sour's Balance Sheet. The ending bal- ance of retained earnings is a deficit of 48,000