Question 1 Coffee Co. is authorized to issue an unlimited number of common shares and 100,000 preferred shares. During its first year ending November 30 th, the business completed the following share issuance transactions: 19-Jul-22 Issued 16,000 common shares for cash of $5 per share. 03-Oct-22 Issued 10,000$2.00 preferred shares for $40,000 cash. 11-Oct-22 Received inventory valued at $28,000 and equipment with a fair value of $32,000 for 5,000 common shares Required: 1 Record the journal entries to record the above transactions, descriptions are not required. 2 Prepare the shareholders' equity section of Coffee Co's balance sheet. Assume the ending Retained Earnings is a credit balance of $48,500. Be sure to disclose all required information