Liwa Company had the following transactions: 1. Paid the state $2,000 for incorporation fees (0.75 mark) 2. Issued 6,000 shares of common stock with a stated value of S10 for $120,000. (0.75 mark) 3. Issued 4000 shares, 10$ par, preferred stock in exchange for equipments. Liwa Corp preferred stock has been actively traded on the market at $60 per share. (0.75 mark) 4. Purchased 500 shares its own stock for $ 55 per share. (0.75 mark) 5. Sold 300 of the purchased shares for S 53 per share. (1 mark) Instructions: Prepare the journal entries to record the above stock transactions Solution question 5: Transaction Account title and explanation Debit Credit