QUESTION 5 St. Joseph Ltd. was incorporated on January 4, 2017 and is authorized to issue an unlimited number of common shares and an unlimited number of $5 noncumulative preferred shares. The company entered into the following transactions during the year Jan 6 Issued 9,000 common shares for $12 per share. Jan 10 Issued 450 common shares to the company's accountants as payment for a bill of 15 MARKS $6,000 for services performed in helping the company to incorporate. The most recent value of St. Joseph's shares was on the issuance dated January 6. Issued 400 convertible preferred shares for $52 per share. Issued 1,000 convertible preferred shares for $68 per share. Converted 500 preferred shares into common shares. One preferred share is convertible into 1,000 common shares. The fair value of the common and preferred shares are $26 and $72 respectively. Mar 22 May 1 Dec 12 Instructions Prepare the journal entries to record the above transactions. a) Prepare the journal entries to record the above transactions. (10 marks) b) Prepare a partial balance sheet for St. Joseph Company at December 31, 2017 highlighting the shareholders' equity section. Assume the company reported net income of $78,000 in its first year of operations