Ehrlich Corporation has $5 par value common stock and 6% cumulative $100 par value preferred stock. During 2021, it had the following transactions: Jan. 5 Issued 50,000 shares of common stock for $9 per share. Feb. 8 Issued 10,000 shares of its preferred stock for $130 per share. Apr. 1 Purchased 1,000 shares of its common stock at $8 per share. May 9 Resold 500 shares of its common stock purchased on April 1 at $10 per share June 2 Resold 300 shares of its common stock purchased on April 1 at $6 per share. Dec. 31 Reported net income of $250,000. INSTRUCTIONS: a. Prepare the journal entries to record the above transactions. b. Prepare Ehrlichs stockholders equity section of its balance sheet as of Dec 31, 2021. Make sure you show all proper share information.