Question 54 Aloue Corp., a publicly traded company, had 2,500 preferred shares issued with a balance of $55,000 and 148,000 common shares issued with a balance of $740,000 at the beginning of the year. The following share transactions occurred during the year: June 12 July 11 Oct. 1 Issued 51,100 common shares for $6 per share Issued 1,000 preferred shares for $24 per share. Issued 11,000 common shares in exchange for land. The common shares were trading for $2 per share on that date. The fair value of the land was estimated to be $81.600. Issued 23,100 preferred shares for $29 per share. Nov. 15 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 "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Calculate the number of shares and balance in the account for each of the preferred and common shares at the end of the year. Number of shares Balance in accounts (1) Preferred shares (2) Common shares