Exercise 12-17 Share transactions, distribution of dividends, equity, closing LO1, 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 shares $0.40 cumulative; 80, eee shares authorized; 65,000 shares issued and outstanding Common shares; 250,000 shares authorized: 125,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $260,000 209,000 $460,000 148,000 $608,000 During the year 2020, the company had the following transactions affecting equity accounts: ces Dan. 3 Sold 25,000 common shares for a total of $43,000 cash. Mar 1 Sold 5,000 preferred shares at $5.30 each; cash. Dune 15 Exchanged yee common shares for equipment with a fair market value of $28,500. The last common share trade was dated March 15 at $4.93. Dec. 31 Closed the Income Summary account, which showed a credit balance of $285,000 The board of directors had not declared dividends for the past two years (2019 and 2020). Requlred: 1. Journalize the above transactions. View transaction list Journal entry worksheet