Exercise 12-17 Share transactions, distribution of dividends, equity, closing L01, 2, 3, 4, 5, 6 The equity section of the December 31, 2019, balance sheet for Delicious Alternative Desserts Inc. showed the following: Delicious Alternative Desserts Inc. Equity Section of the Balance Sheet December 31, 2019 Contributed capital: Preferred thares, $0.de cumulative; B0,000 shares authorized; 62,000 shares issued and outstanding $248,000 Common shares; 250,000 shares authorized; 122,000 shares issued and outstanding 195,200 Total contributed capital $443,200 Retained earnings 148.000 Total equity 5591,200 During the year 2020, the company had the following transactions affecting equity accounts: Jan. 3 Sold 22,000 common shares for a total of $37,840 cash. Mar. 1 Sold 5,000 preferred shares at $5.00 each; cash. une 15 Exchanged 7,088 common shares for equipment with a fair market value of $27,000. The last common share trade was dated March 15 at $4.90. Dec. 31 Closed the Income Summary account, which showed a credit balance of $282,000 The board of directors had not declared dividends for the past two years (2019 and 2020). Required: 1. Journalize the above transactions. 2. Prepare the equity section as at December 31, 2020. (Enter all amounts as positive values.) DELICIOUS ALTERNATIVE DESSERTS INC. Equity Section of the Balance Sheet December 31, 2020 Contributed Capital Total contributed capital S 0 Total equity $ 3. How many preferred shares are available for issue at December 31, 2020? Preferred shares 4. How many common shares are available for issue at December 31, 2020? Common shares