Question 1 of 9 2.14/5 View Policies Show Attempt History Current Attempt in Progress On March 8, Southwood Property Inc., a publicly traded company, issued 5,500 preferred shares for cash of $29 per share. On Apr 20, when the shares were trading at $36, the company issued an additional 3,000 preferred shares in exchange for land with a fair value of $114,000. (a) Your Answer Correct Answer Your answer is partially correct. Prepare the journal entries for each transaction (List all debit entries before credit entries. 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 for the amounts! O 0 23C 6% ch Chapters 11 & 12 Question 1 of 9 2.14/5 (b) Prepare the journal entry if you were unable to determine the land's fair value on April 20. (List all debit entries before credit entries. 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 for the amounts.) Date Account Titles and Explanation Debit Credit April 20 e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit Ans Save for Later 6% C 230 arch