Amber Wilson, owner of Canyon Canoe Company, decides to start a new company that will be operated as a corporation, Outdoor Equipment Incorporated (OEI). This company will sell outdoor clothing and equipment. The articles of incorporation for OEI authorize the company to issue 500,000 preferred shares that pay a dividend of $4.00 per year and 1,000,000 common shares. OEI had the following select transactions in 2022: Jan. 1 Issued 50,000 common shares for a total of $200,000. 10 Issued 2,000 preferred shares in exchange for land with a market value of $70,000. Dec. 15 Declared total cash dividends of $15,000. 31 Paid the cash dividends. Required 1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2022. Assume net income for the year was $417,000. 3. Prepare the shareholders' equity section of the balance sheet as of December 31, 2022