Question 54 Santiago Corp., a publicly traded company, had 2,700 preferred shares issued with a balance of $56,700 and 147,000 common shares issued with a balance of $882,000 the beginning of the year. The following share transactions occurred during the year June 12 Issued 45,700 common shares for $7 per share. July 11 Issued 1,100 preferred shares for $25 per share. Oct. 1 Issued 10,700 common shares in exchange for land. The common shares were trading for $8 per share on that date. The fair value of the land was estimated to be $90,800. Nov. 15 Issued 23,800 preferred shares for $28 per share. 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 tres and enter for the amounts.) Date Account Titles and Explanation June 12 # Cash Common Shares 319900 July 11 # Cash Preferred Shares Oct. 1 Land Common Shares Nov. 15: Cash Preferred Shares 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