Cabral SA is authorized to issue $1,000,000,$$$5$ par value ordinary shares. It also It is authorized to issue $20,000,$$$50$ par value preference shares. In its first year, the company has the following share transactions.

Jan. $10$ Issued $400,000$ ordinary shares for cash at $$8$ per share.

May $1$ Issued $10,000$ ordinary shares to attorneys in payment of their bill for $$60,000$

Sept. $1$ Purchased $10,000$ ordinary shares for the treasury at $$9$ per share.

Dec. $1$ Sold $4,000$ treasury shares at $$10$ per share.

Dec. $31$ Determined net income $$120,000$

Instructions:

Journalize the transactions.

Compute the following at the year$-$end

A$.$ The ending balance of Shares Capital$-$Ordinary

B$.$ The ending balance of Treasury Shares $q,$