Red Corporation is authorized to issue 110,000 common shares and 90,000, 53 preferred shares. At Jan 1, 2019, the company's shareholders equity induded the below. 26,000 common shares valued at $234.000 9.000 preferred shares valued at $100,000 Retained earning was $52,000 During 2019 the net profit earned by Red Corp. was $27.000, The company did not issue any dividend during 2019. Aso during 2019 the company ssued the below On Apr 4, 2019 - 10,000 common shares for $11 each On Jun 10, 2019 - 3,000 preferred shares for $15 each and On Aug 7, 2019 12.000 common shares for land valued at $132.000 1. Prepare the journal entries to record the above share issues. (4 marks) 2. Prepare the shareholders equity part of the balance sheet in Dec 31, 2019. (10 marks)