Paragraph Styles Editing 2. 3 5 CupeI5 Assemen COM204 - intersession 2020 Question 1 The articles of incorporation for Calico Beans Ltd. ("CBL") authorize the company to issue 100,000, $2.50 preferred shares and 1,000,000 common shares. During its first year of operations, CBL completed the following transactions: 2020 Jan 3 Jan 28 Jan 30 Issued 175,000 common shares receiving cash of $750,000. Issued 20,000 preferred shares receiving cash of $150,000 Issued 9,500 common shares in exchange for equipment valued at $95,000 CBL declared dividend $150,000 to its shareholders. CBL paid cash dividend. Dec 15 Dec. 28 Required: (a) Record the transactions in the general journal (b) Prepare the shareholders equity section of CBL balance sheet at December 31, 2020 assuming the company earned $550,000 in net income and paid $150,000 in dividends during its first year of operations