A) Tempe Inc. is authorized to issue 100,000, $5, cumulative, preferred shares, and an unlimited number of common shares. Prepare journal entries to record the following transactions that occurred during the first 3 months of operations:

May-05	Sold 2,000 preferred shares for $14 per share.
Jun-16	Exchanged 4,000 preferred shares for equipment with a fair market value of $55,000.
Jul-23	Sold 8,000 common shares and $21 per share.

B) he following account balances for Bucha Corporation are for the year ended October 31, 2021. Complete an Income Statement for the year assuming the income tax rate is 20%.

Revenues	3,880.00
Operating Expense	895.00
Gain on Sale of Assets	80.00
Interest Expense	22.00

c) During 2020, Yee Corporation reported revenues of $327,000 and expenses of $130,000, and declared cash dividends of $65,000. Retained Earnings on January 1, 2019 was $168,000. Prepare closing entries at December 31, 2020. Calculate the balance in Retained Earnings on December 31, 2020.