Question 6 - (13 marks) 1 mark for each journal entry line: Correct account (0.5) and Correct Amount (0.5) - Note: if the account is correct and amount but placed wrong as a debit/credit (O mark). 2 marks for calculation of accrued interest. 6 marks for Shareholders Equity Statement The articles of incorporation for Snowy Ltd. Authorize the company to issue 600,000, $7 preferred shares and 1,800,000 common shares. During its first year of operations, Snowy Ltd. completed the following transactions: 2020 Mar 8 Issued 150,000 common shares receiving cash of $550,000. Mar 16 Issued 9,000 preferred shares receiving cash of $120,000 Mar 21 Issued 20,000 common shares in exchange for equipment valued at $90,000 and Inventory valued at $20,000 Required: (a) Record the transactions in the general journal, no explanations required (b) Prepare the shareholders equity section of Snowy Ltd. balance sheet at December 31, 2020 assuming the company earned $325,000 in net income during it's first year of operations. Hint: Full Caption for listings in the equity requied. To Assist: In Moodle under TEMPLATES: Can use General Journal for the journal entries