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:

Issued $6,200$ shares of common shares for cash at $$22$ per share.

Issued $2,200$ shares of common shares for cash at $$25$ per share.

Required:

$1.$ Show the effects of each transaction on the accounting equation. $($Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.$)2.$ Prepare the journal entry required for each of these transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)3.$ Prepare the shareholders$$ equity section as it should be reported on the $2020$ year$-$end balance sheet. At year$-$end, the accounts reflected a profit of $$100.4-$a$.$ Beamsley Corporation has $$30,000$ in the company$$s bank account. Should the company declare cash dividends at this time?

multiple choice

Yes

No