Anna Weld, owner of Outdoor Adventure Company, decides to start a new company that will be operated as a corporation, Earth Rock Incorporated (ERI). This company will sell outdoor clothing and equipment. The articles of incorporation for ERI authorize the company to issue 500,000 preferred shares that pay a dividend of $4.00 per year and 1,000,000 common shares. ERI 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 60,000 common shares for a total of $720,000. Date Jan. 1 Accounts and Explanation Debit Credit Jan 10: Issued 2,350 preferred shares in exchange for land with a market value of $88,000. Date Jan. 10 Accounts and Explanation Dec. 15: Declared total cash dividends of $14,000. Date Dec. 15 Debit Credit Accounts and Explanation Debit Credit Dec. 31: Paid the cash dividends Date Accounts and Explanation Debit Credit Dec. 31 Required 1. Journalize the transactions CID 2. Calculate the balance in Retained Earnings on December 31, 2022. Assume net income for the year was $406,000. 3. Prepare the shareholders' equity section of the balance sheet as of December 31, 2022. Requirement 2. Calculate the balance in Retained Earnings on December 31, 2022. Assume net income for the year was $406,000. 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 balances.) Print Done