Open in Desktop App Times New Ro.. 12 Tell me what you want to do " I U ON Av pkhaha Singh Khu Question 2 (20 marks) Heuristic Solutions is authorized to issue an unlimited number of common shares and 50,000 preferred shares. During its first year (2019), the business completed the following share Issuance transactions: July 19: Issued 50,000 common shares for cash of $5 per share. Oct 3: Issued 500, $1.50 preferred shares for $50,000 cash. Oct 11: Received inventory valued at $20,000 and equipment with fair value of $10,000 for 5000 common shares Requirements a. Journalize the transactions. b. Prepare the shareholders' equity section of Heuristic Solution's balance sheet. The ending balance of Retained Earnings is a deficit of $95,000