Aloue Corp., a publicly traded company, had 2,800 preferred shares issued with a balance of $64,400 and 131,000 common shares Issued with a balance of $786,000 at the beginning of the year. The following share transactions occurred during the year: June 12 Issued 49,500 common shares for $7 per share. July 11 Issued 900 preferred shares for $25 per share. Oct. 1 Issued 10,200 common shares in exchange for land. The common shares were trading for $8 per share on that date. The fair value of the land was estimated to be $86,300 Issued 22,700 preferred shares for $29 per share. Nov. 15 Date Account Titles and Explanation Debit Credit June 12 v July 11 Oct 1 Nov. 15