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 issuan July 19 Issued 20.000 common shares for cash of 58 50 per share Oct 3 Issued 600 $150 preferred shares for $60,000 cash 11 Received inventory valued at $11,000 and equipment with fair value of $11,500 for 4, 100 common shares Required 1. Joumalize 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. Joumalize the transactions. Explanations are not required (Record debits first, then credits. Explanations are not required.) Begin by joumalizing the July 19 issue of common shares. Issued 20,000 common shares for cash of $850 per share Journal Entry Accounts Debit Credit Date July 19 Next journalize the October 3rd transaction Issued 600 $1.50 preferred shares for $60,000 cash