Oct Jissued 1,200$250 prefentad shares for $120.000 cash. Requilied 1. Joumalize the transactions. Explanations are not requied. essicos Burgers \& Fries, Inc is authorized to issue an unlimited number of common shares and 10,000 preferted shares. During its first year the business co July 19 issued 18,000 common shares for cash of 3875 per shate Oet 3 issued 1.200$2.50 prefered shares for $120.000 cash 11 Recened imentory valued at $13,000 and equipreent with fair value of $11.500 for 4.100 common shares Required 1. Journalce the transactions Explanations are not required. 2. Prepare the shareholder' equity section of Burgers \& Fnes balance sheet: The ending balance of Retained Eamings is a deficit of $44,000 Requirement 1. Joumalize the transactions. Explanations are not required (Record debis first, then credits. Explanations are not required.) Begin by journalizing the July 19 issue of common shares issued 18,000 common shares for cash of $8:75 per share Next, joumalize the October 3rd transaction. 13sued 1,200$250 preferred shares for $120.000 cash Next, journalize the October 3rd transaction. Issued 1,200$2.50 preferred shares for $120,000 cash ampunts,) \begin{tabular}{|c|c|} \hline Shuretrobers' equity. & \\ \hline & \\ \hline & 5 \\ \hline 10 & \\ \hline & \\ \hline+4 & \\ \hline Tads shereholdes equity & \\ \hline \end{tabular}