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Allarco Inc. was authorized to issue an unlimited number of common shares. During November 2014, their first month of operations, the following selected transactions occurred: a. November 3: 5,000 common shares were issued in exchange for land valued at $5,000. b. November 5: Issued 5,000 common shares at $4.00 per share for cash. c. November 11: 7,000 of the common shares were issued for a total of $39,900 cash. d. November 25: Gave the corporation's promoters 10,000 common shares for their services in organizing the corporation. The directors valued the services at $40,000. e. November 30: Closed the Income Summary account. An income of $70,000 was earned. a) Prepare journal entries for the above transactions, entering the transaction letter as the explanation, and the dates in the format dd/mmm, (ie. 15/Jan). General Journal Page GJ5 Date Account/Explanation F Debit Credit + - + - + - + - +