Fraser Inc. issued 45,000 common shares for $675,000 on March 1, 2022. These shares had no par value assigned. The company also issued 25,000 common shares by receiving Equipment worth $240,000 and Motor Vehicles with a market value of $90,000. On October 31,2022 , the company issued 30,000 preferred shares for cash at $40 per share. On December 1, 2022, 6,000 preferred shares were converted into 15,000 common shares. Required Record the journal entries for Fraser Inc. and show the accounts' balance in its balance sheet