EQUITY TRANSACTIONS JOURNAL ENTRIES Use the following stock and equity transactions to record journals and prepare a partial Balance Sheet: HINT: you will need to keep track of the various equity accounts. I will give you two of the accounts you will need: CS. Par and APIC, but there are a few others. You may use a schedule/table, T accounts, or your own method. 1. Equity Financing Inc (EFI) is formed on Jan 1, 2020 and establishes 50,000 shares of common stock authorized with a par value of $.50 per share. 2. Efl issues 4000 shares of CS to the founding owner in exchange for land with a FMV of $5000 AND cash of $10,000. 3. On January 31, EFI sells 2000 shares of Common Stock for cash at $15 per share. 4. On March 31, EFI completes a 1 for 2 FORWARD stock split. 5. On June 15th EFI repurchases 1,000 shares of its own stock for $10 per share. 6. On November 15th, EFI declares a cash dividend payable in the next accounting period of $1 per share outstanding, 7. Net income for the accounting period was $26,000 **Required Prepare the journal entries needed for the transactions above. The next question will ask for the balance sheet presentation. Use proper form. You will need to include in your PDF upload. EQUITY Cont'd Based on the EFI transactions... Prepare the Equity section of the Balance sheet, in proper format. Include in your PDF upload Since this will require manual grading on my part, enter the amount you came up with for total equity to determine how you did before grading is complete. I will give Partial