Solid Ltd. was incorporated on January 4, 2021 and is authorized to issue an unlimited number of common shares and an unlimited number of $5 noncumulative preferred shares. The company entered into the following transactions during the year: Jan 6Issued 9,000 common shares for $12 per share.Jan 10Issued 450 common shares to the company's accountants as payment for a bill of $6,000 for services performed in helping the company to incorporate. The most recent value of Solid's shares was on the issuance dated January 6. Mar22Issued 400 convertible preferred shares for $52 per share.May 1Issued 1,000 convertible preferred shares for $68 per share.Dec12Converted 500 preferred shares into common shares. One preferred share is convertible into 10 common shares. The fair value of the common and preferred shares is $26 and $72 respectively. Instructions Prepare the journal entries to record the above transactions. a) Prepare the journal entries to record the above transactions. b) Prepare a partial balance sheet for Solid Company at December 31, 2021 highlighting the shareholders' equity section. Assume the company reported net income of $78,000 in its first year of operations.