E10-21A (Learning Objective 2: Preparing shareholders' equity section of a balance sheet) Army Navy Sporting Goods is authorized to issue 10,000 preference shares and 19,000 ordinary shares. During a two-month period, Army Navy completed these share-issuance transactions: Issued 1,700 shares of $1.50 par ordinary share for cash of $16.50 per share. Issued 600 shares of $2.50, no-par preference share for $22,000 cash. Received inventory valued at $19,000 and equipment with market value of $41,000 for 3,300 shares of the $1.50 par ordinary share. Apr 23 May 2 12 I Requirement 1. Prepare the shareholders' equity section of the Army Navy Sporting Goods' balance sheet for the transactions given in this exercise. The Retained Earnings account currently has a balance of $45,000. Journal entries are not required