Gingrich Solutions Ltd.'s articles of incorporation state that it is allowed to issue 90,000 $2.00 preferred shares and 150,000 common shares. In its first year, Gingrich Solutions Ltd. completed the following selected transactions: (Click the icon to view the transactions.) Required 1. Record the transactions in the general journal. 2. Prepare the shareholders' equity section of the Gingrich Solutions Ltd. balance sheet at December 31, 2020. The ending Retained Earnings balance is $40,000. Requirement 1. Record the transactions in the general journal. January 2. Paid incorporation costs of $2,500 and legal fees of $6,000 to organize as a corporation. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Debit Credit Date Jan. 2 Help me solve this Calculator. Ask my instructor Clear all Check answer