Q 7. (Max marks: 6) ABC Ltd is a new company. During its start-up phase, it completed the following transactions: Jan 5 Issued 1000 ordinary shares to the promoters who organised the company, receiving cash of $16,500 Jan 15 Issued 4500 preference shares for cash of $40,000 Jan 20 Issued 750 ordinary shares in exchange of land valued at $36,000 Required: a) Record the transactions in the general journal. (Marks: 3) b) Prepare the shareholders' equity section of the ABC Ltd balance sheet at 31 January, assuming the company had a net profit of $64,000 for the month. (Marks:3)