Group A E10-20A. (Learning Objective 2: Issuing shares and reporting shareholders' equity) Bread & Butter, Inc., is authorized to issue 120,000 shares of ordinary shares and 7,000 shares of preference shares. During its first year, the business completed the following share issuance transactions: Jan. 19 Apr. 3 11 Issued 10,000 shares of $2.00 par ordinary shares for cash of $6.00 per share. Issued 500 shares of no-par preference shares for $55,000 cash. Received inventory valued at $16,200 and equipment with market value of $9,800 for 3,800 shares of the $2.00 par ordinary share. Requirements 1. Journalize the transactions. Explanations are not required. 2. Prepare the shareholders' equity section of Bread & Butter's Balance Sheet. The ending balance of retained earnings is a deficit of $45,000. LO 2