Take me to the text in 2020, Elzabeth and some of her friends invested money to start a company named FRIENDZ Corporation. The following transactions occurred during 2020 Jan 1 The corporate charter authorized 75,000 shares of 5%, cumulative preferred shares and unlimited no-par value common shares Jan Jan 7 Jan 12 Jan 14 sued 211,000 common shares at $15 per share to Elizabeth and other investors. sued another 440 common shares to Elizabeth in exchange for her services in organizing the corporation. The shareholders agreed that the services were worth $7,920 aued 4,000 preferred shares for $200.000 sued 9.000 common shares in exchange for equipment. The fair market value of the equipment could not be readily determined, but the market price of the common shares on the date was $15 per share Nov 15 The first annual dividend on preferred shares declared Dec 20 Paid the dividends declared on preferred shares Dec 31 Estimated income tax expense of $41,500 FRIENDZ Corporation generated a $142,000 tatter income tax) during the year. The company uses the retained earnings account to record dividends al Prepare the journal entries to record the above transactions in 2020 Do not enter dedar.signs.or.commas.in.the.inout.box Date Account Title and Explanation Debit Credit Jan 6 Cash 3165000 Common Shares 3165000 ssued common shares for cash Jan 7 Organization Costs 14 7920 Common Shares 7920 ssued common shares for services Jan 12 Cash Preferred Shares 200000 200000 ssue of preferred shares for cash Jan 14 Equipment Common Shares sued common shares for equipment 135000 135000 NOV 55 Retained Earnings 10000 10000 Dividends Payable Dividend declared on preferred shares Dec 20 Dividends Payable 10000 10000 Cash Recording payment of dividend Dec 31 Income Tax Expense 41500 Income Tax Payable 41500 Tense and ability b) Prepare the statement of retained earnings for the year ended December 31, 2020. FRIENDZ Corporation Calculation of Retained Earnings For the Year Ended December 31, 2020 Opening Balance Add: Net Income 142000 Less: Cash Dividends Preferred 10000 Balance December 31, 2020 132000 c) Prepare the shareholders' equity section of the balance sheet as at December 31, 2020. FRIENDZ Corporation Balance Sheet (Partial) December 31, 2020 Shareholders' Equity Contributed Capital Preferred Shares, 5% cumulative, 75,000 authorized, 4,000 issued and outstanding 200000 Common Shares, unlimited authorized, 220,440 issued and outstanding Total Contributed Capital Retained Earnings Total Shareholders' Equity 132000