Here is the problem: On December 29, 2019, Hade Company was authorized to issue 100,000 shares of $5 par value preferred stock and 600,000 shares of $30 par value common stock. It then completed the following transactions in the month of January 2020: Jan. 6 Issues 60,000 shares of common stock at $36 per share for cash. Jan. 19 Issued 2,000 shares of preferred stock for $70,000 cash. Exchanged 55,000 share of common stock for the following assets at the indicated fair market values: Jan. 26 Land $305,000 Building $640,000 Machinery $760,000 Required: A. Prepare the journal entries to record the above transactions. B. Prepare the balance sheet of the company as of January 31, 2020. A. Date General Journal Debit Credit 01/06/20 01/19/20 01/26/20 B. Hade Company Balance Sheet 01/31/20 Cash Land Building Machinery Total Assets Preferred Stock PICEP-Preferred Stock Common Stock PICEP-Common Stock Total Liabilities & Equity