P15-3 Parker Corporation's charter authorizes the issuance of 1 million common shares and 500,000 preferred shares that have a dividend rate of $6 per share per year. The following transactions involving share issues were completed. Assume that Parker follows IFRS and that each transaction is independent of the others. . Issued 4,200 common shares for machinery. The machinery had been appraised at $74,500, and the seller's carrying amount was $58,600. The common shares' most recent market price is $18 a share. . The board of directors declared a $6 dividend on both the 17,000 shares of outstanding common and the 40,000 shares of outstanding preferred. . Issued 2,500 common shares and 1,200 preferred shares for a lump sum of $125,000. The common shares had been selling at $13 and the preferred at $80. . Issued 2,200 common shares and 135 preferred shares for furniture. The common shares had a fair value of $14 per share and the furniture was appraised at $36,000. Instructions Prepare the journal entries to record the transactions