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; 65,000 shares issued and outstanding Common shares; 250,000 shares authorized; 125,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $260,000 3 Sold 25,000 common shares for a total of $43,000 cash. 1 Sold 5,000 preferred shares at $5.30 each; cash. 200,000 $450,000 148,000 $608,000 During the year 2023, the company had the following transactions affecting equity accounts: Jan. Mar. June 15 Exchanged 7,000 common shares for equipment with a fair market value of $28,500. The last common share trade was dated March 15 at $4.93. Dec. 31 Closed the Income Summary account, which showed a credit balance of $285,000. The board of directors had not declared dividends for the past two years (2022 and 2023).

2. Prepare the equity section as at December 31, 2023. (Enter all amounts as positlve values.) 3. How many preferred shares are avallable for issue at December 31.2023? Required: 1. Joumalize the above transactions. Journal entry worksheet Record to close the income summary account. Notei Enter debits before oredits. During the year 2023 , the company had the following transactions affecting equity accounts: Jan. -3 Sold 25 , wee comen shares for a total of 543 , eee cash. Mar. 1 Sold 5, eee preferred shares at 55.30 each; cash. June 15 Exchanged 7 , eee common shares for equipment with a fair narket value of 528,5ee. The last comnon share trade was dated March is at 5.9.93. Dec. 31 Closed the Incone Sumary account, which showed a credit balance of $205,000. The board of directors had not declared dividends for the past two years (2022 and 2023). 4. How many common shares are avallable for issue at December 31,2023