The partnership of Nuan Lee and Jen Su needed additional capital to expand into new markets, so the business Incorporated as King Services Inc. The articles et incorporation under the Canada Business Corporations Act authore King Services Inc to issue 700,000 53 25 preferred shares and 3.400.000 common shares into first year, King 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' equilty section of the King Services Inc. balance sheet at December 31, 2020 The ending balance in Retained Earnings is $200.000 Requirement 1. Record the transactions in the general joumal. August 2 Paid incorporation fees of 59,500 and paid legal foes of 518,500 to organize as a corporation (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Aug August 2 Issued 32,000 common shares to Lee and 37.000 comtion shares to Sinhala 40,000 cash and Spolo cath Journal Entry Accounts Debli Aug December 10. Issued 1.400 preferred shares to acquire a computer system with a market value of $128,800. Journal Entry Date Accounts Debit Credit Dec 10 December 16. Issued 22,000 common shares for cash of 5330,000 Journal Entry Date Accounts Doc 16 Debih Croth Requirement 2. Prepare the shareholders' equity section of the King Services Inc. balance sheet at December 31, 2020 The ending balance in Retained Estrengs is $200,000 King Services Inc Balance Sheet (partial December 31, 2020 Shareholders' Equity Contributed Capital Contributed Capital i Transactions ti ho 00 1 2020 Aug. 2 Paid incorporation fees of $9,500 and paid legal fees of $18,500 to organize as a corporation 2 Issued 32,000 common shares to Lee and 37,000 commons shares to Slu in return for cash Lee paid $240,000 cash, and Siu paid $277,500 cash. Dec. 10 Issued 1,400 preferred shares to acquire a computer system with a market value of $128,800. 16 Issued 22,000 common shares for cash of $330,000 Print Done