Nevada Corporation Was a Private Corporation Created on January 2,2014 $\quad$

Nevada Corporation was a private corporation created on January 2,2014.The articles of incorporation from the Government of Canada authorize Nevada Corporation to issue an unlimited number of common shares and 500,000 shares of $0.50 preferred shares.The company had the following transactions:
2014
Jan. 2 $\quad$ Gue 5,060 common shares to the corporation's legal firm for incorporating the business. The total legal fee was $\$ 5,000$ .
3 $\quad$ Issued 200,000 common shares for cash at $\$ 1$ per share.
4 $\quad$ Issued 10,000 preferred shares for cash at $\$ 10$ per share.
4 $\quad$ Exchanged $50,000 cash and 200,000 common shares for a building with a market value of $\$ 260,000$ .
Dec. 31 $\quad$ Close Income Summary to Retained Earnings assuming that Nevada had $\$ 63,000$ of net a_Journalize the above transactions.Explanations are not needed.
b_Prepare the shareholders' equity section of the balance sheet as of the close of business on December 31,2014.
$$\begin{array}{l}\quad\quad\quad\quad\quad\quad\quad\quad\text { Journal }\\\begin{array} { l | l | l | l } \hline \text { Date } & \text { Description } & \text { Debit } & \text { Credit } \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}\end{array}$$