Barton Corporation was established on January1, 2017 as an online retailer to distribute off road adventure gear out of its warehouse in Banff, Alberta. Barton is authorized by its articles of incorporation to issue 100,000 shares of $ 10 cumulative preferred shares and an unlimited number of common shares. The following transactions relating to equity occurred during the first year of the companys operations. 2017 Jan. 2 Issued 200,000 common shares at $12 per share 2 Issued 100,000 common shares in exchange for a building valued at $820,000 and merchandise inventory valued at $380,000 3 Paid a cash reimbursement to the companys founders for $100,000 Of organization costs; the Organization Expenses account was debited. Dec. 31 The Income Summary account for 2017 had a $125,000 credit balance before being closed to Retained Earnings, no dividends were declared on either common or preferred shares. Required: 1. Prepare the journal entries to record these transactions. 2. Prepare statements of change in equity for the year ended December 31,2017.