Problem #3 - [6 marks] 6.0 points possible graded, resuits hidden Zahid Inc manufactures office fumiture. The company was incorporated on January 1, 2015 with an authorized share of 1,000,000 no-par common stock with a stated value of $5 per share and 10,000 shares of $100 par value 8% preferred stock. The following stock transactions were completed during the first year. Jan-15: Issued 90,000 shares of common stock for cash at $13 per share. Mar-15: Issued 5,000 shares of preferred stock for cash at $120 per share. Apr-15: Issued 10,000 shares of common stock to consultant in payment of their bill of $75,000 for services provided in helping the company appraise an up-coming project. At the time of the exchange there is no established market price for the stock May-15: Issued 90,000 shares of common stock for cash at $7.5 per share Jul-15: Issued 18,000 shares of common stock in exchange for land and buildings. The asking price of the assets were initially set very high. However, after multiple rounds of negotiation the final selling price was set at 550,000 and $60,000, respectively. Oct-15: Issued 1,000 shares of preferred stock for cash at $100 per share. Instruction: Journalize the above mentioned transactions. (Note for transactions having multiple entries, write the greater entries first. While spaces for multiple entries are given for all the transactions, not all transactions will have multiple entries)