vered of stion Manfred Incorporated is authorized to issue 70,000 no par value, S6 cumulative preferred shares, and an unlimited number of no par value common shares. The following transactions among others) occurred during the first year of operations; Jan. 4 Issued 10,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $50,000 Jan 6 Issued for cash 20,000 common shares at $12 per share Jun 4 Acquired land valued at $49,000 in exchange for 3.500 preferred shares Nov 15 The first annual dividend was declared on the preferred shares of 56. It is to be paid on December 20 Dec. 20 Paid the cash dividend declared on November 15" Dec 31 Closed the income summary account which has a credit balance of S146,000, Dec 31 Closed the dividend accounts th Required: Record the above journal entries (7 marks) Prepare the equity section of Modern Electronics' balance sheet at December 31, 2020 (3 marks) Armstrong plans to leave the TJ Partnership. Currently, her capital account is $42,000. Assume the partners have no agreement for sharing profits and losses. Prepare the journal entry to record the withdrawal under the following assumptions. The remaining partners, Tanner and Jackson, agree to pay Armstrong $60,000