Far East Corporation engaged in the following share transactions in the first quarter of their fiscal year May Jun 19 Issued 5,000 common shares for cash of $15.50 per share 3 Sold 2,000 $4.50 Class A preferred shares for $21,000 cash to new investors.. 11 Received inventory valued at $34,000 and vehicles with market value of $17,000 for 5,000 common shares Jul 15 Issued 4,000 $5.00 Class B preferred shares for $17.00 per share. Required 1. Joumalize the transactions Explanations are not required 2. How much contributed capital did these transactions generate for Far East Corporation? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) May 19. Issued 5,000 common shares for cash of $15.50 per share