Date: 2021-07-31 Question 1 [25 points] Stake Technology Inc. was authorized to issue 400,000 $2.00 preferred shares and 650,000 common shares. During October 2014, their first month of operations, the following selected transactions occurred: a. October 6: Gave the corporation's promoters 7,000 common shares for their services in organizing the corporation. The directors valued the services at $77,000. b. October 6: 9,000 preferred shares and 10,000 common shares were issued at $6.00 and $4.00, respectively, cash. c. October 9: 11,000 of the preferred shares were issued for a total of $11,000 cash. d. October 9: Issued 10,000 preferred shares at $5.00 per share for cash. e. October 22: Issued 13,000 common shares at $3.50 per share for cash. f. October 28: 5,000 of the common shares were issued for a total of $30,000 cash. g. October 30 : 6,000 common shares were issued in exchange for land valued at $6,000. Prepare journal entries for the above transactions. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie., January 15 would be 15/Jan) General Journal Account/Explanation Page GJS Credit Date Debit +