@ Question 5 of 5 < > -/2 E 1 Current Attempt in Progress Sarasota Corporation was incorporated on January 15, 2024. At that time, the company issued 1,000 common shares at $10 each. Other activity related to shareholders' equity is outlined below. June 12 Issued 42,900 common shares for cash at $14 per share. June 30 Issued 2,200 common shares to a law firm in settlement of their bill for $33,000. (Use Legal Fees Expense) On June 30, the shares had a fair value of $13 each. July 11 Issued 1,100 convertible preferred shares for $45 per share. Each share was convertible into 4 common shares. Oct. 1 Nov. 15 Nov. 22 Issued 6,600 common shares in exchange for land. The common shares were trading at $12 per share on that date. The land's fair value was estimated to be $79,860. Issued 1,650 convertible preferred shares for $50 per share. Each share was convertible into 4 common shares. Preferred shareholders converted 550 of the convertible preferred shares into common shares. The fair values of the common and preferred shares on that day were $12 and $50 respectively. Record the share transactions. (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 O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit