Beamsley Corporation was organized in $2020$ to operate a financial consulting business. The charter authorized $12,000$ common shares, no par value. During the first year, the following selected transactions were completed:

a$.$ Issued $5,000$ shares of common shares for cash at $$15$ per share.

b$.$ Issued $1,000$ shares of common shares for cash at $$18$ per share.

Required:

Show the effects of each transaction on the accounting equation. $($Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.$)$

$\backslash$table$[[$Transaction$,$Assets,$=,+,$Shareholders' Equity$],[$a$.,,,,],[$b$.,,,,]]$

$2.$

Prepare the journal entry required for each of these transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry re

$3.$

Prepare the shareholders' equity section as it should be reported on the $2020$ year$-$end balance sheet. At year$-$end, the accounts reflected a profit of $$100.$

$\backslash$table$[[$Shareholders$\text{'}$ Equity$],[$Contributed capital:,$],[,],[,],[$Total contributed capital,$],[,],[,],[$Shareholders$\text{'}$ equity,$q

$4.$

a$.$ Beamsley Corporation has $$30,000$ in the company's bank account. Should the company declare cash dividends at this time

Yes

No