QUES Exquisite Jewellery Limited reported the fo(Cling summarized balance sheet at December 31, 2019: 15 MARKS Assets During 2020, Exquisite completed these transactions that affected shareholders' equity: Current assets Property and equipment, net \begin{tabular}{l|l|l} \hline Feb. & 13 & Issued 5,000 common shares for $4 per share. \end{tabular} Declared the regular cash dividend on the preferred shares. Total assets Liabilities and Equity Liabilities Shareholders' equity: $0.50 cumulative preferred shares, 400 shares issued Common shares, 6,000 shares issued Retained earnings Total liabilities and equity Requirements Journalize Exquisite's transactions. Explanations are not required. Report Exquisite Jewellery Limited's shareholders' equity at December 31, 2020. Net income for 2020 was $27,000