XYZ Corporation was authorized to issue an unlimited number of common shares. During December 2014, their first month of operations, the following selected transactions occurred: a. December 1: 12,000 of the common shares were issued for a total of $39,600 cash. b. December 9: Issued 7,000 common shares at $9.30 per share for cash. c. December 25: 5,000 common shares were issued in exchange for land valued at $25,000. d. December 30: Gave the corporation's promoters 13,000 common shares for their services in organizing the corporation. The directors valued the services at $32,500. e. December 31: Closed the Income Summary account. An income of $70,000 was earned. a) Prepare journal entries for the above transactions, entering the transaction letter as the explanation, and the dates in the format dd/mmm, (ie. 15/Jan). General Journal Page GJ5 Date Account/Explanation F Debit Credit + + 1 + + + b) Prepare the equity section of the balance sheet of XYZ Corporation at December 31, 2014. XYZ Corporation Equity Section of Balance sheet December 31, 2014 authorized: 13C Mostly sun