Question 4 (5 points) Saved Hammond Manufacturing Inc. was legally incorporated on Jan 2, 2020. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.40 non cumulative preferred shares. The following transactions are among those that occurred during the first three years of operation: 2020 Jan 12 Issued 40,000 common shares at $4.80 each Jan 20- Issued 6000 common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $36,000 Jan 31- Issued 80,000 common shares in exchange for lang, building and equipment which have a market value of $360,000, $480,000 and $48000 resp. March 4 Purchased equipment at a cost of $8,160 cash. this was though to be special bargain price. It was felt that at least $10,800 would normally have had to be paid to acquire this equipment. Dec 31- During 2020, the company incurred a loss of $96,000. The income summary account was closed. 2021 Et C 994