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 6,800 shares of common shares for cash at $28 per share. b. Issued 2,800 shares of common shares for cash at $31 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.) Transaction Assets 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 required" in the first account field.) View transaction list Journal entry worksheet Record the issue of 6,800 common shares for cash, at $28 per share. Record the transaction. Record the transaction. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal > 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. Shareholders' Equity Contributed capital: Total contributed capital 0 Shareholders' equity $ 0 4-a. Beamsley Corporation has $30,000 in the company's bank account. Should the company declare cash dividends at this time? O Yes O No Shareholders' Equity