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Sporty Sporting Goods is authorized to issue 5,000 preferred shares and 10,000 common shares. During a two-month period, Sporty completed these share-issuance transactions: Feb 23 Issued 3,000 common shares for cash of $16.5 per share. Mar 2 Issued 500$7.00 preferred shares for $24,000 cash. 12 Received inventory valued at $14,000 and equipment with fair value of $43,000 for 3,500 common shares. Required Prepare the shareholders' equity section of Sporty Sporting Goods balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $43,000. Journal entries are required. Prepare the shareholders' equity section of Sporty Sporting Goods balance sheet. Prepare the shareholders' equity section of Sporty Sporting Goods balance sheet