Only Burgers, Inc. is authorized to issue an unlimited number of common shares and 10 000 preferred shares. During its first year, the business completed the following share issuance transactions: July 19 Issued 24 000 common shares for cash of $6.50 per share Oct 3 Issued 500 $3.50 preferred shares for $50,000 cash 11 Received inventory valued at $19,000 and equipment with fair value of $10,000 for 3.300 common shares. Required 1. Journalize the transactions. Explanations are not required. 2. Prepare the shareholders' equity section of Only Burgers' balance sheet The ending balance of Retained Earnings is a deficit of $42,000 Requirement 1. Journalize the transactions Explanations are not required (Record debits first, then credits. Explanations are not required.) Begin by journalizing the July 19 issue of common shares issued 24 000 common shares for cash of $6.50 per share Journal Entry Date Accounts Debit Credit 19 Next, journalize the October 310 transaction issued 500 53 50 preferred shares for $50,000 cash Intial Choose from any list or enter any number in the input fields and then continue to the next