The shareholder$$s equity section of Chen Industries Limited at November $30,2022$ is shown below:

Shareholders$$ Equity

$$1\mathrm{.}00$ cumulative preferred shares, $2,000$ shares issued $ $60,000$

Common shares, $5,000$ shares issued $30,000$

Retained earnings $122,000$

$$212,000$

During $2023$ the company completed the following transactions:

February $10$ Declared a regular cash dividend on the preferred shares.

March $10$ Paid the cash dividend

April $14$ Declared a $10\%$ stock dividend on the common shares. Market price per

common share was $$10/$ share

May $14$ Distributed the stock dividend

July $10$ Issued $5,000$ common shares for $$8/$ share

November $20$ Received equipment valued at $$50,000$ and issued $5,000$ common shares.

REQUIRED:

$1.$ Journalize Chen$$s transactions. Explanations are not required.

$2.$ Prepare the shareholder$$s equity section of Chen Industries Limited balance sheet at November $30,2023.$ Net income for the year ended November $30,2023$ was $$175,000.$