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Concord Corporation was incorporated on January 15, 2021. At that time, the company issued 1,000 common shares at $10 each. Other activity related to shareholder's equity is outlined below. June 12 Issued 38,470 common shares for cash at $14 per share. June 30 Issued 1,500 common shares to a law firm in settlement of their bill for $24,130. (Use Legal Fees Expense) On June 30, the shares had a fair value of $13 each. July 11 Issued 1,000 preferred shares for $42 per share. Each share was convertible into 5 common shares. Oct 1 Issued 6,500 common shares in exchange for land. The common shares were trading at $12 per share on that date. The land's fair value was estimated to be $78,620, Nov. 15 Issued 1,500 preferred shares for $47 per share. Nov. 22 Preferred shareholders converted 400 of the preferred shares into common shares. The fair values of the common and preferred shares on that day were $12.50 and $46 respectively, Record the share transactions. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select *No Entry" for the account titles and enter Ofor the amounts. Round average per share amount to two decimal places.) Date Account Titles and Explanation Debit June 12 Credit