Problem 31 MI Air, Inc. engages in the following common stock transactions in 2015 for its $1 par value common stock. The rm earned $200 of net income during 2015, its rst year of business. 1. Januaryr 1Issued 200 shares to an investor for $8 per share. 2. January 1Issued 100 shares to its attornenyPA as compensation for es tainshing the company. [Treat the value of the shares as an organizational expense.) 3. December lRndiased 10 of the shares sold to the investor for $10 per share, and placed them in the corporate treasury. 4. December 10Issued 2'5 shares to another investor at $9 per share in order to secure additional financing for the firm. 5. December 12Issued 30 of the treasury shares when the market price was $11 per share. December 15Declared a $.20 per share dividend. December 31Paid the dividend declared on December 15. T495 Requiremmits: [Use T accounts as necessary to track account balances] a. Journalize the above transactions. b. Present the effects of the stock transactions on M] Air's 2015 income statement and report stock holders' equity on the company's December 31, 2015 balance sheet