BEFORE YOU GO ON... Apr. DO IT Turin Corporation, a private company, was incorporated on March 1. The following are selected transactions over the next several months: Mar. 15 Issued 120,000 common shares for cash at $8 per share. 2. Issued 3,200 common shares to its lawyers in settlement of their bill for $25,000. Turn president and the law firm agreed that the shares had a fair value of $8 each. May 22 Issued 10,000 preferred shares for $90 each. Each share was convertible into 10 commun shares Oct. 5 Preferred shareholders converted 2,000 of the preferred shares into common. At that port it was estimated that the fair values of the common and preferred shares were $10 and $22 respectively. Record the share transactions