XYZTV Ltd is a new company. During its start-up phase, it completed the following transactions: (Click on the icon to view the transactions.) Requirements 1. Record the transactions in the general journal. 2. Prepare the shareholders' equity section of the XYZ-TV balance sheet at 31 July, assuming the company had a net profit of $31000 for the month. Data table \begin{tabular}{ll} \hline Jul & 6 Issued 525 ordinary shares to the promoters who organised the company, receiving cash of $5775. \\ Jul & 12 Issued 3500 preference shares for cash of $29000. \\ Jul & 14 Issued 1000 ordinary shares in exchange for land valued at $24000. \\ \hline \end{tabular}