On 2 January 20X4, GHI Corporation was incorporated in the province of Ontario. It was authorized to issue an unlimited number of no-par value common shares, and 10,000 shares of no-par, $8, cumulative and non-participating preferred. During 20X4, the firm completed the following transactions 8 Jan. Accepted subscription for 40,000 common shares at $12 per hare. Down t on the subscribed shares totaled S150,000 30 Jan, Issued 4,000 preferred shares in exchange for the following Machinery with a fair market value of S35,000, a factory a fair market value of S110,000, and land with an appraised value of $295,000 Machinery with a fair market value of $55,000 was donated to Mar. |the c 23 Apr. Collected the balance of the subscriptions receivable and issued ommon Shares 30 Jun. Purchased 2,200 common shares at S18 per share. The shares ere retired Declared sufficient cash dividends to allow a S1 per share Dec. divided for outstanding common shares. The dividend is payable n 10 January 20X2. To shareholders of record on 5 January 20x2 losed the income summary to retained earnings. The income for Dec. he Was $98,000 Required: On the next page, prepare the journal entries for the above transactions