Jan 28 Question 1 The articles of incorporation for JRR Toykiens Ltd. authorize the company to issue 500,000, $2.50 preferred shares and 1,200,000 common shares. During its first year of operations, JRR Toykiens Ltd. completed the following transactions: 2019 Jan 3 Issued 125,000 common shares receiving cash of $950,000 Issued 10,000 preferred shares receiving cash of $75,000 Jan 30 Issued 5,500 common shares in exchange for equipment valued at $67,000 Dec 15 JRR declared dividend $50,000 to its shareholders. Dec. 28 JRR paid cash dividend. Required: (a) Record the transactions in the general journal (b) Prepare the shareholders equity section of JRR Toykiens balance sheet at December 31, 2019 assuming the company earned $350,000 in net income and paid $50,000 in dividends during its first year of operations. DATE ACCOUNT DEBIT CREDIT Question 1 (con't) b)