The equity section of the December 31, 2022, balance sheet for Delicious Alternative Desserts Inc. showed the following: Contributed capital: Delicious Alternative Desserts Inc. Equity Section of the Balance Sheet December 31, 2022 Preferred shares, $0.40 cumulative; 50,000 shares authorized; 55,000 shares issued and outstanding $220,000 Common shares; 250,000 shares authorized; 115,000 shares issued and outstanding 184,000 Total contributed capital. $404,000 148,000 $552,000 Retained earnings Total equity During the year 2023, the company had the following transactions affecting equity accounts: Jan. 3 Sold 15,000 common shares for a total of $25,800 cash, Mar. 1 Sold 5,000 preferred shares at $4.30 each; cash, June 15 Exchanged 7,000 common shares for equipment with fair market value of $23,500. The last common share trade was dated March 15 at $4.83. Dec. 31 Closed the Income Summary account, which showed a credit balance of $275,000. The board of directors had not declared dividends for the past two years (2022 and 2023) Required: 1. Journalize the above transactions. View transaction Sist Required: 1. Journalize the above transactions. View transaction list Journal entry worksheet < 1 2 3 4. Record the Issues of common shares for cash. Note: Enter debits before credits. Date January 03, 2023 General Journal Debit Credit Record entry Clear entry View general joumal 2. Prepare the equity section as at December 31, 2023. (Enter all amounts as positive values.) DELICIOUS ALTERNATIVE DESSERTS INC. Equity Section of the Balance Sheet December 31, 2023 Contributed Capital Total contributed capital Total equity $ 0 $ 0 3. How many preferred shares are available for Issue at December 31, 2023? Preferred shares 4. How many common shares are available for Issue at December 31, 2023? Common shares