ABC Inc. was authorized to issue an unlimited number of common shares. During February 2014, their first month of oper a. February 7: 12,000 of the common shares were issued for a total of $69,600 cash. b. February 10: 14.000 common shares were issued in exchange for land valued at $28,000. c. February 11: Issued 11,000 common shares at $5.50 per share for cash. d. February 12: Gave the corporation's promoters 9,000 common shares for their services in organizing the corporation e. February 28: Closed the Income Summary account. An income of $50,000 was earned. a) Prepare journal entries for the above transactions, entering the transaction letter as the explanation, and the dates in th General Journal Page GJ5 Date Account/Explanation F Debit Credit 7/Feb Cash 69,600 | Common Shares 69,600 a 10/Feb Land 28,000 Common Shares 28,000 b 11/Feb Cash 60,500 Common Shares 60,500 12/Feb Organization Expense Common Shares 47,700 47,000 50,000 28/Feb Cash Income Summary e 50.000