Cole Corporation, a new corporation, took over the assets and liabilities of Delta Art on January 2, 2019. The assets and liabilities, after appropriate revaluation by Cole, are as follows (amounts in parentheses are credits, other amounts are debits: points Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Accounts Payable Accrued Expenses Payable $ 49,900 296,200 (12,000) 125,000 (36,900) (20, 200) Skipped The corporation is authorized to issue 500,000 shares of $20 par value common stock and 400,000 shares of $10 par-value preferred stock. The preferred stock bears a stated yearly dividend rate of $1 per share. The transactions that follow were entered into at the time the corporation was formed. References DATE TRANSACTIONS Jan.2 The corporation Issued 20,000 shares of common stock to James Cole for his equity in the sole proprietorship business, and the corporation took over Cole's assets and liabilities. 2 Issued 1,600 shares of preferred stock at par to Harriet Cole, James's wife, for cash. 2 Issued 7400 shares of common stock to Carol Kennedy. She paid $148,000 in cash for the stock. 2 Issued 5,600 shares of preferred stock to James Walker. He paid $56.000 in cash for the stock Required: 1. Make general Journal entries to record the transactions 2. Prepare the opening balance sheet as of January 2, 2019, for Cole Corporation