PART B: APPLICATION [16 MARKS 1. Peppino Corporation is authorized to issue an unlimited number of no par value common shares and 1,000,000 shares of no par value preferred shares. During 2001, its first year of operation, the company has the following share transactions. Jan. 15 Issued 500,000 preferred shares at $7 per share. Cumulative dividends not yet declared were $1/share. Jan. 30 Lawyers for the company accepted 500 common shares as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $6.000. The shares were actively trading at $10 per share. July 2 Issued 100,000 common shares for land. The land had an asking price of $900,000. The shares are currently selling on a provincial exchange at $8 per share. Journalize the transactions for Peppino Corporation. DATE Jan 15 Jan 30 July 2 JOURNAL ENTRY D (1 Mark 12 Marks) 1 Mark