Modern Electronics, Inc. is authorized to issue 70,000 shares of $80 par value, $6 cumulative preferred shares and an unlimited number of no-par value common shares. The following transactions (among others) occurred during the year: Jan. 6 Issued for cash 20,000 common shares at $12 per share. Jan. 7 Issued an additional 1,500 common shares in exchange for services in organizing the corporation. The shareholders agreed that the services were worth $9,000. Jan. 12 Issued 3,500 preferred shares for cash of $300,000. June 4 Acquired land as a building site in exchange for 22,000 common shares. In view of the appraised value of the land, fair market value of the land is established at $308,000. Nov. 15 The first annual dividend was declared on the preferred shares. It is to be paid on December 20th Dec. 20 Paid the cash dividend declared on November 15th Instructions: a. Prepare the journal entries to record the above transactions. b. Prepare the shareholders' equity section for Modern Electronics, Inc. balance sheet as of December 31, 2020. Assume there are no opening balances and net income for the year is $146,200. Be sure to clearly indicate the title of each line on this partial statement S olo - Paragraph B I V