Question 1 The following transactions took place in June for the Kaur Corporation: June 1) The company Issued 1,000 shares of $100 preferred shares. June 10) Issued 3,000 shares of common shares for $18 per share. June 15) Received land with a fair market value of $60,000 and a building with a fair ma $180,000 in exchange for 15,000 shares of common shares. Prepare journal entries for the above transaction. Question2 Singh Limited purchased equipment costing $150,000 on October 1, 2016, by paying 10% down and signing an 8%, 9-month note payable for the balance. Solvency Limited's year end is December 31. a. Prepare journal entries to record the purchase of the equipment, the accrual of interest on December 31, and the payment of the note at maturity. For ease of computation assume that Solvency calculates interest expense based on the number of months, outstanding, rather than the number of days. b. Determine the balance of any current liabilities associated with the note as of December 31, 2016