Chapter 13 Question 1 R Creative Corporation is authorized to issue an unlimited number of common shares and 1,000,000 shares of preferred shares. During 2021, its first year of operation, the company had profit of 500,000. The following share transactions occurred: Jan 1 Jan 15 Jan 30 Jul 2 Paid the province $2,500 for incorporation fees. Issued 500,000 of $ 1 cumulative preferred shares at $6 per share. Lawyers for the company accepted 500 common shares as payment for legal services provided in helping the company incorporate. The legal services are estimated to have a value of $ 5,000. The shares were actively trading at $ 10.50 per share. Issued 100,000 common shares for land. The land had an asking price of $ 800,000 and its apprasied value was $750,000. Instructions , a) b) Journalize the transactions for Creative Corporation. Prepare the shareholders' equity section of the balance sheet, Creative has a December 31 year-end.