Question 6 Parka Corn, is authorized to Issue 50.000 shares of $8, cumulative preferred ares, and an ed number of common share Prepare the journal entries to record the following transactions that occurred during the first year of operations: Jan 1 Issued 95,000 common shares for $0 per share, cath Exchanged 20,000 common shares for equipment with a fair market value of $65.000, the common shares were not being actively traded. Jan 15 Feb 1 Exchanged 4,500 common shares for $2,500 worth of legal fees incurred during organization of the corporation Mar 5 Issued 8,000 preferred shares for $35 per share, cash, Declared a 6% common stock dividend to be distributed June 20 with a Date of Record of June June 1 10. Shares were selling for $10.00 on June 1 and $8.50 on June 20 June 20 Distributed the stock dividend. Dec 1 Declared a 2 for 1 stock split. Dec 20 Retired 25,000 common shares paying $5.00 per share, cash