Question 1 On June $36,500 to w Lid was incorporated and issued 55.000 common shares for $330,000. On August 19, an additional 13,750 shares were issued for $96,250. On November 2, the company paid acquire 6,300 common shares and on December 7 it paid 557,750 to reacquire 7,700 common shares. Your answer is partially correct. Try again Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "Ne Entry for the account titles and enter for the amounts.) Date Accountities and Explanation Credit e cash Common Shares Aug. 190 cash I Common Shares Nov.2 Common Shares Tcontributed Surplus ORCES 330,000 Common Shares 4 Aug. 19 : Cash mon Shares I common shares 96,250 Nov. 2 (Common Shares Study Contributed Surplus TildTTOTET Cash Dec. 7 Common Shares Contributed Surplus Retained Earnings I Cash 57,750