Section A Use information provided below to answer the questions that follow Lee Corporation is authorized by its article to issue 100000 shares of $10 preferred shares and an unlimited number of common shares. The table below shows the transactions that occurred during the first two years of the company's operations: Year 2019 Jan 2 Feb 15 Issued 1000 common shares at $6 per share Paid the promoters $ 3500 in kind [ 1100 common shares] Issued 10000 common shares in exchange for a equipment valued at 32000 and land selling at $75000 but valued at $60000 April 30 May 31 Paid $2250 for transporting equipment to the organization August 31 Sold 3000 preferred shares for cash $70 per share. Sept 10 Board of directors declared cash dividend of $ 2.40 to common shareholders and the dividend for preferred shares Dec 31 Paid the dividend both to common shareholder and preferred shareholders Closed the account with $22000 on debit balance in the income summary To the Retained earnings REQUIRED (A) Journalize the transactions December 31 (B) Calculate the total equity of the company. Remember equity means all the preferred shares and the common shares issued after deducting the dividend paid. The company had a retained earning balance of $21000 at the end of 2018