On January $1,$ Lunn Ltd$.\text{'}$s equity was as follows: common shares, unlimited shares authorized, and $35,000$ shares issued and outstanding. Prepare journal entries to record the following transactions: On January $1,$ Lunn Ltd$.\text{'}$s equity was as follows: common shares, unlimited shares authorized, and $35,000$ shares issued and outstanding. Prepare journal entries to record the following transactions: