On March 1, 2020, HappyGoLucky Inc. issued 90,000 common shares with a par value of $2.50 per share for cash. Two months later, i.e. on May 1, the company received motor vehicle worth $35,600 and furniture of $23,800 in exchange of 20,000 common shares. The company also issued 10,500, $3.75 cumulative preferred shares for $8.50 per share on May 10, 2020. Required: 1 2 Record the journal entries for issuance of shares in 2020. Prepare a balance sheet based on the journal entries in (1) above