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Beamsley Corporation was organized in 2020 to operate a financial consulting business. The charter authorized 12.000 common shares, no par value. During the first year the following selected transactions were completed: a. Issued 5,400 shares of common shares for cash at $19 per share. b. Issued 1,400 shares of common shares for cash at $22 per share. Required: 1. Show the effects of each transaction on the accounting equation, (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Transaction Assets a b 2. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet K. 12 > Record the issue of 5,400 common shares for cash, at $19 per share. Record the transaction. Record the transaction. Note: Enter debits before credits: Transaction General Journal Debit Credit a Record entry Clear entry View general journal 3. Prepare the shareholders equity section as it should be reported on the 2020 year-end balance sheet. At year-end, the accounts reflected a profit of $100. Shareholders' Equity Contributed capital Total contributed capital Shareholders equity 0 4-a. Beamsley Corporation has $30,000 in the company's bank account. Should the company declare cash dividends at this time? Yes O No 4-6. This part of the question is not part of your Connect assignment

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