CC 411-Intermediate Financial Accounting ||(Neef Alwadani) Sem-20212 > 27 March-2 April> Quiz 2 Question 1 Not yet answered Marked out of 3.00 Flag question A Corporation was organized on January 1, 2015. It is authorized to issue 10,000 shares of 8%, $50 par value preference shares, and 500,000 shares of no-par ordinary shares with a stated value of $2 per share. The following share transactions were completed during the first year. Jan. 10 Issued 80,000 ordinary shares for cash at $5 per share. Mar. 1 Issued 5,000 preference shares for cash at $108 per share. Apr. 1 Issued 24,000 ordinary shares for land. The asking price of the land was $90,000; the fair value of the land was $80,000. May 1 Issued 80,000 ordinary shares for cash at $7 per share. Aug. 1 Issued 10,000 ordinary shares to attorneys in payment of their bill of $50,000 for services rendered in helping the company organize. Sept. 1 Issued 10,000 ordinary shares for cash at $9 per share. Nov. 1 Issued 1,000 preference shares for cash at $112 per share. Prepare the journal entries to record the above transactions. Paragraph BIEE G