Doulane Marine obtained a charter from the province in January that authorized 1,000,000 common shares. During the first year, the company earned $429,000 and the following selected transactions occurred in the order given: a. Issued 700,000 common shares at $54 cash per share b. Reacquired and cancelled 25,000 shares at $50 cash per share Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter any decreases to Assets, Liabilities, or Stockhoiders' Equity with a minus sign.) 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No journal entry .....ivn" in the first account field.) 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No journal required" in the first account field.) Prepare the shareholders' equity section of the balance sheet at December 31. 3. Prepare the shareholders' equity section of the balance sheet at December 31 . *Red text indicates no response was expecred un a cen un a iumuna-wadd calculation is incorrect; no points deducted