Question 6 (10 marks) Fondi Inc. started the company in January. The balance sheet at the end of the year December 31, 2020, showed the following shareholders equity: Common Shares $253,500 Retained Earnings 38,000 Total Shareholders Equity 291,500 I. On Jan 1 company issued 50,000 common shares for $5 per share II. On May 31 company issued additional shares @ $7 per share III. Sales for the year were $117,000 and expenses were $61,000 IV. Paid Cash dividend Required Record all of the journal entries that produce the reported shareholders equity balances at December 31, 2020.