n Sage Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares, no par value $6 cumulative, 310,000 shares authorized, 120,000 shares issued and outstanding $15,600,000 Common Shares, no par value, unlimited shares authorized, 430,000 shares issued and outstanding $13,330,000 The following transactions occurred, in the order given, during 2022: (a) April 15: Received subscriptions and down payments for 127,000 common shares at $40 per share. The subscription contracts call for 60% of the subscription price to be paid upon receipt, and the remaining 40% to be paid on June 30. In the event of default on the subscriptions, the company will retain the down payment. (b) May 1: Issued 50,000 preferred shares at $155 per share. (c) June 30: Received payment for 106,000 of the subscribed common shares; the remaining 21,000 defaulted. Issued the share certificates for the appropriate number of shares. (d) August 5: Repurchased and cancelled 23,000 common shares at a cost of $25 per share. (e) September 15: Declared dividends for preferred shares (dividends had not been paid the previous year). Also declared $1.80 per share dividend for common shares. Both dividends are to be paid on November 1 to shareholders of record on October 1. (f) If the preferred shares had a $130 par value, what would be the journal entry for the May 1 issuance of preferred shares in part (b)