The articles of incorporation for Pheasant Corp. authorize the company to issue 100,000 $6 preferred shares and 500,000 common shares. During its first year of operations, Pheasant Corp. completed the following selected transactions (Click the icon to view the transactions.) Required 1. Record the transactions in the general journal, 2. Prepare the shareholders' equity section of the Pheasant Corp, balance sheet at November 30, 2020. Requirement 1. Record the transactions in the journal (Record debits first, then credits. Explanations are not required.) Dec. 4. 2019: Issued 5,500 common shares to the consultants who formed the corporation, receiving cash of $154,000 2019 Dec 4 Issued 5.500 common shares to the consultants who formed the corporation, receiving cash of $154.000 13 Issued 600 preferred shares for cash of $78,000 14 Issued 4,600 common shares in exchange for land valued at $161.000. 2020 Nov 30 Earned a profit for the fiscal year and closed the $140.000 net income into Retained Earnings