Andrea Winter, owner of Tree Top Company, decides to start a new company that will be operated as a corporation, North Pole Incorporated (NPI). This company will sell outdoor clothing and equipment. The articles of incorporat for NPI authorize the company to issue 500,000 preferred shares that pay a dividend of $4.00 per year and 1,000,000 common shares NPI had the following select transactions in 2022 (Click the icon to view the transactions.) Required Requirement 1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Issued 46,000 common shares for a total of $552,000. Date Accounts and Explanation Debit Credit Jan. 1 Jan 10: Issued 2,350 preferred shares in exchange for land with a market value of $72,000. Data accounts and Fynlanation Debit Credit Jan 10: Issued 2,350 preferred shares in exchange for land with a market value of $72,000. Debit Accounts and Explanation Date Credit Jan. 10 Dec. 15: Declared total cash dividends of $18,500. Date Accounts and Explanation Debit Credit Dec. 31: Paid the cash dividends Date Accounts and Explanation Debit Credit Dec 31 Requirement 2. Calculate the balance in Retained Earnings on December 31, 2022. Assume net income for the year was $418,000. Complete the table below to calculate the balance in Retained Earnings on December 31, 2022. (Complete all answer boxes. Enter a "0" for any zero balar Retained Earnings, Jan 1, 2022 Complete the table below to calculate the balance in Retained Earnings on December 31, 2022. (Complete all answer boxes. Enter a "0" for any zero balances.) Retained Earnings, Jan 1, 2022 Plus: Less Retained Earnings, Dec. 31, 2022 Requirement 3. Prepare the shareholders' equity section of the balance sheet as of December 31, 2022. Review the journal entries from Requirement 1. North Pole Incorporated Balance Sheet (Partial) December 31, 2022 i Required 7 1. Journalize the transactions, 2. Calculate the balance in Retained Earnings on December 31, 2022. Assume net income for the year was $418,000. 3. Prepare the shareholders' equity section of the balance sheet as of December 31, 2022 Print Done hey