Green Solution Corporation was incorporated on July 1, 2021, with authorized share capital of 1,000,000 common shares and 500,000 preferred $3-cumulative preferred shares. During its first year of operations Green Solutions had a profit of $255,000 and declared no dividends.

Green Solutions had the following transactions related to share capital during the first year of operations.

July 1, 2021 Issued 100,000 common shares for $2 each.

July 1, 2021 Issued 5,000 preferred shares for $55 each.

Aug. 15, 2021 Issued 10,000 common shares for legal services received, valued at $25,000.

Dec. 1, 2021 Issued 5,000 common shares at $2.25 each in exchange for equipment received.

Jan. 15, 2022 Reacquired 15,000 common shares for $3 each.

REQUIRED:

1. Prepare the journal entries to record the share transactions described above. (12 marks)

2. Prepare the shareholders equity section of Green Solution Corporations balance sheet at June 30, 2022, the date of its first year-end

Please answer ASAP.