4 (20 marks) Moonshine Corporation has authorized share capital of an unlimited number of common shares and 800,000, $2 preferred shares. On January 1, 2020, the balance in its shareholders equity included: 12,000 common shares valued at $52,000, 4,800 preferred shares valued at $32,000 and Retained earnings of $125,000. Profit for the year ending December 31, 2020 was $29,000. No dividends were declared during 2020. During 2020, Moonshine Corporation had the following share transactions: Issued 8,000 common shares for $6 each. Issued 1500 preferred shares for $11 each. Mar 1 Jun 30 Sep 1 Issued 75,000 common shares in exchange for land valued at $325,000. Required: a) Journalize the share transactions during 2020. (6 marks) b) Prepare the equity section of Moonshine Corporation's balance sheet on December 31, 2020. (14 marks)