Jan Parka Corp. is authorized to issue 50,000 shares of $8, cumulative, preferred shares, and an unlimited number of common shares. Prepare journal entries (use the Corp JE working papers) to record the following transactions that occurred during the first year of operations Jan 10 Issued 95,000 common shares for $8 per share, cash. 15 Exchanged 20,000 common shares for equipment with a fair market value of $65.000, the common shares were not being actively traded. Feb 1 Exchanged 4,500 common shares for $2.500 worth of legal fees incurred during organization of the corporation. 5 Issued 8,000 preferred shares for $35 per share, cash. 1 Declared a 6% common stock dividend to be distributed June 20 with a Date of Record of June 10. Shares were selling for $10.00 on June 1 and $8.50 on June 20. June 20 Distributed the stock dividend. Dec 1 Declared a 2 for 1 stock split Dec 20 Retired 25,000 common shares paying $5.00 per share, cash. Mar June Next Previous MacBook Air P: R E