Question 4 The articles of incorporation for Shultz Autobody Inc. authorize the company to issue 800,000, $1.50 preferred shares and 1,000,000 common shares. During its first year of operations, Shultz Autobody Inc. completed the following transactions during 2020: Jan 3 Issued 75,000 common shares receiving cash of $750,000. Jan 28 Issued 10,000 preferred shares receiving cash of $100,000 Jan 30 Issued 7,500 common shares in exchange for equipment valued at $58,000 Dec 15 Shultz declared dividend $10,000 to its shareholders. Dec. 28 Shultz paid cash dividend. Required: (a) Record the transactions in the general journal (b) Prepare the shareholders equity section of Shultz balance sheet at December 31, 2020 assuming the company earned $50,000 in net income and paid $50,000 in dividends during its first year of operations. DATE ACCOUNT DEBIT CREDIT