1 year 120 Heuristic Solutions is authorized to issue an unlimited number of common shares and 50,000 preferred shares. During its first year (2019), the business completed the following share issuance transactions: July 19: Issued 50,000 common shares for cash of $5 per share. Oct 3: Issued 500, $1.50 preferred shares for $50,000 cash. Oct 11: Received inventory valued at $20,000 and equipment with fair value of $10,000 for 5000 common shares. Requirements a. Journalize the transactions. b. Prepare the shareholders' equity section of Heuristic Solution's balance sheet. The ending balance of Retained Earnings is a deficit of $95,000. Heuristic Solutions General Journal Particulars Debit Date Credit