E11-1 Reporting Shareholders Equity and Determining Dividend Policy (LO2, LO3] Beamsley Corporation was organized in 2014 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 6,600 shares of common shares for cash at $26 per share. b.issued 2,600 shares of common shares for cash at $29 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 Liabilities Shareholders' Equity 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 6,600 common shares for cash, at $26 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit 3. Prepare the shareholders' equity section as it should be reported on the 2014 year- end balance sheet. At year-end, the accounts reflected a profit of $100. Shareholders' Equity Contributed capital: Total contributed capital Shareholders' equity 4-a. Beamsley Corporation has $30,000 in the company's bank account. Should the company declare cash dividends at this time? Yes No 4.b. Not available in connect