Heavy Equipment and Machinery Inc. (HEMI) completed the following equity transactions on December 1, 2020 1. HEMI repurchased and cancelled 10,000 of its own common shares at $100/share. These shares were originally issued at $80/sha marks) 2. HEMI issued 100,000 preferred shares at $90/share cash.(2 marks) Required: Complete the journal entries to record the above two transactions 7 B 1 Date Account Posted Debit Credit