Question: 12 II-.c articles of incorporation from the province of Alberta authorize Chrome Customs Inc (CCI) to issue 20,000 shares of $12 preferred shares and 150,000

II-.c articles of incorporation from the province of Alberta authorize Chrome Customs Inc (CCI) to issue 20,000 shares of $12 preferred shares and 150,000 common shares. In the first month, CCI completed the following transactions: 15-Oct-22 Issued 500 common shares to the lawyer for assistance with incorporating the company. lawyers fee was $1,500 and should be expensed to professional fees expense. 21-Oct-22 Issued 14,000 common shares to Jerry Martin and 24,000 shares to Spence Ryan in retum for cash equal to the shares market price of $15 per share. Jerry and Spence are executives Of the_company, 28-Oct-22 Issued 5,000 preferred shares/o acquire a patent with a fair value Of $25,000 Required: I Record the journal entries to record the above transactions, descriptions are not required. X Prepare the shareholders' equity section of CCI's balance sheet. Assurne the ending Retained Earnings is credit balance Of

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