The partnership of Holly Geick and Kathy Yeo needed additional capital to expand into new markets, so the business incorporated as Athol Services Inc. The articles of incorporation under the Canada Business Corporations Act authorize Athol Services Inc. to issue 320,000$4.50 preferred shares and 1,080,000 common shares. In its first year, Athol Services Inc. completed the following share-related 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 Athol Services Inc. balance sheet at December 31, 2023. The ending balance in Retained Earnings is $305,000. Transactions 2023 August 2 Paid incorporation fees of $14,000 and paid legal fees of $33,000 to organize as a corporation. August 2 Issued 35,000 common shares to Geick and 45,000 common shares to Yeo in return for cash. Geick paid $273,000 cash, and Yeo paid $351,000 cash. December 10 Issued 2,100 preferred shares to acquire a computer system with a market value of $184,800. December 16 Issued 28,000 common shares for cash of $280,000