Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted. Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect. ***************************************Here is the problem:On December 29, 2019, Hade Company was authorized to issue 100,000 shares of $5 par value preferred stock and 600,000 shares of $30 par value common stock. It then completed the following transactions in the month of January 2020: Jan. 6Issues 60,000 shares of common stock at $36 per share for cash. Jan. 19Issued 2,000 shares of preferred stock for $70,000 cash.Jan. 26Exchanged 55,000 share of common stock for the following assets at the indicated fair market values:Land $305,000Building $640,000Machinery $760,000Required:A. Prepare the journal entries to record the above transactions. B. Prepare the balance sheet of the company as of January 31, 2020.*****************************************Here is a very rough document that you might use to get you started on this assignment. Please feel free to modify it to the extent necessary to complete this assignment. In doing so, please change the name of the file to include your name before submitting it.

The company will be CarMax to explore the canadian marketI will provide the rubric below