E$11-1($Algo$)$ Reporting Shareholders' Equity and Determining Dividend Policy $[$LO$11-2,$ LO$11-3)$ Two Revers Corsulting wisa orgarized in $2023$ to aperate a financial consulize buwneas. The chirser autharived $12,000$ commen thares, no par watue. During the fris yeat, Ene following selected ransictiona were completed: a lesued $7000$ shirea of commen whares for cash at $\backslash (\backslash$$ $30\backslash )$ per whare. b$.$ lisued $3,000$ shires of commen shareas for cash at $\backslash (\backslash$$ $33\backslash )$ per shire. Alecpired: i$.$ Show the efflecta of each tiansaction on the accounting equation. Note: Emter any decreases to Assets, Limbilities, oe Shockholders' Equity with a minus sign. $2.$ Propare the joumal entry requred for each of these ransiactorns. Notic: If no entry is required for a tramsactiom$/$event$,$ select $"$No journel entry requirnd" in the first actount fiedd. Journal entry worksheet $\backslash (\{\}^\{2\}\backslash )2$ Record the iswae of $7,000$ corman sharen far canh, at $330$ per shara. Record the tramsactian. Racard the traranction. Note: finter cebite bofane anedis. $3.$ Prepare the sharchalders' equity section as it should be repported on the $2023$ yoar$-$end balince a heet. Al yeit$-$end, the accournta reflected a profit of $\backslash$$$100.4-$a$.$ Two Rvers Corsulting hias $\backslash (\backslash$$ $30\mathrm{.}000\backslash )$ in the comparrys bark account. Should the compary dechure cash dividends at this Ime? tes No $4-$b$.$ This part of the question is not part of your Connect assigrment.