need answers asap

PART VI: Corporations: Share Capital and the Balance Sheet 13 marks The articles of incorporation for Novak Technology Inc. authorize the issueance of 100,000 preferred shares and 250,000 common shares. During a two-month period, Novak Technology Inc. completed these share- issuance transactions: March 23 Issued 12,000 common shares for cash of $10.00 per share. April 12 Received inventory valued at $60,000 and equipment with a market value of $10,000 for 5,000 common shares. April 17 Issued 1,500 $2.25 preferred shares. The issue price was cash of $11.00 per share. Required: 1. Journalize the transactions. 2. Prepare the shareholders' equity section of the Novak Technology Inc. balance sheet for the transactions given in this exercise. Retained earnings has a balance of $65,000