In its first year of operations, Arnold Corporation had the following transactions pertaining to its convertible preferred shares and common shares. The preferred dividend rate is $2 per share. Jan. 1 1 Feb. July 1 Nov. 1 Issued 10,000 common shares, no par value for a building that has a FMV of $100,000 Issued 3,000 preferred shares for cash at $41 per share. Declared annual preferred dividends. Converted 1,000 preferred shares to common shares when the market value of the preferred shares was $42 and the market value of the common shares was $20. One share of preferred is convertible to 10 common shares. (a) sJournalize the transactions. (8 Marks) Date Particulars Jan 1 Feb 1 July 1 Nov 1 Dr Cr