The equity section of the December 31, 2022, balance sheet for Delicious Alternative Desserts Inc. showed the following:

Delicious Alternative Desserts Inc.

Equity Section of the Balance Sheet

December 31, 2022

Contributed capital:

Preferred shares, $0.40 cumulative; 80,000 shares authorized; 61,000 shares issued and outstanding $ 244,000

Common shares; 250,000 shares authorized; 121,000 shares issued and outstanding 193,600

Total contributed capital $ 437,600

Retained earnings 148,000

Total equity $ 585,600

During the year 2023, the company had the following transactions affecting equity accounts:

Jan. 3 Sold 21,000 common shares for a total of $36,120 cash.

Mar. 1 Sold 5,000 preferred shares at $4.90 each; cash.

June 15 Exchanged 7,000 common shares for equipment with a fair market value of $26,500. The last common share trade was dated March 15 at $4.89.

Dec. 31 Closed the Income Summary account, which showed a credit balance of $281,000.

The board of directors had not declared dividends for the past two years (2022 and 2023).

Required:

1. Journalize the above transactions.

2. Prepare the equity section as at December 31, 2023

3. How many preferred shares are available for issue at December 31, 2023

4. How many common shares are available for issue at December 31,2023