XYZZ Inc. issued 60,000 common shares for $300,000 on January 1,2022 . These shares had no par value assigned. To sell these shares, company engaged an agent who received $15,000 as fees; the company paid it by issuing 3000 common shares. The company also issued 120000 common shares by receiving Building worth $450,000 and Motor Vehicles with a market value of $225,000. On March 31 , the company issued 20,000 preferred shares for cash at $17.50 per share. On May 1, 2022, 3,000 preferred shares were converted into 12,000 common shares. Required Prepare journal entries to record the abovementioned transactions and prepare a balance sheet for XYZ Inc