Record the journal entries required for the transactions of Waterway Corporation for the fiscal year ended December 31, 2024. (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 0 for the amounts. List all debit entries before credit entries.) 1. Paid $5,500 cash and issued 1,500 common shares to the company's lawyers for legal services rendered valued at $32,000. 2. Sold an additional 900 shares of $1.30 preferred shares for cash of $16 per share. 3. Exchanged an additional 7,900 shares of $1.30 preferred shares for land. The asking price for the land was $136,000 and the fair market value of the land at the date of the exchange was $129,000. 4. Issued 1,100 common shares in exchange for a patent that had a fair market value of $13,000 and a useful life of 5 years. Attempts: 1 of 2 used (b) Calculate the number of preferred shares outstanding following the entries above