The articles of incorporation for Post Malone Painting Inc

The articles of incorporation for Post Malone Painting Inc. authorize the company to issue 1,000,000, $2.00 preferred shares and 2,000,000 common shares. During its first year of operations, Post Malone Painting Inc. completed the following transactions during 2021 Jan 3 Jan 28 Issued 100,000 common shares receiving cash of $1,000,000. Issued 250,000 preferred shares receiving cash of $500,000 Issued 25,000 common shares in exchange for equipment valued at $43,000 Jan 30 Dec 15 Malone declared a dividend of $10,000 to its shareholders. Malone paid the cash dividend. Dec. 28 Required: (a) Record the transactions in the general journal (10 marks) (b) Prepare the shareholders equity section of Post Malone's balance sheet at December 31, 2021 assuming the company earned $50,000 in net income. (7 marks) DATE ACCOUNT DEBIT CREDIT