Recording mon and Preferred Stock Transactions Gilmore Company has 20,000 authorized shares of common stock, $2 par, and also 20,000 authorized shares of preferred stock, $10 par. Required Record journal entries for the following separate transactions. Analyze and record each transaction separately. a. On January 1, 2020, Gilmore sold 720 shares of common stock and 360 shares of preferred stock for a lump sum of $22,140. The common stock had been selling during the current week at $25 per share, and the preferred at $12 per share. Round amounts to the nearest dollar. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Jan 1, 2020 0 Common Stock 0 0 0 0 Preferred Stock 0 b. On January 1, 2020, Gilmore issued 324 shares of preferred stock for used equipment. The equipment had been appraised at $4,320, and the book value recorded by the seller was $2,160. A reliable determinable fair value on the preferred stock has not been established. Account Name Dr. Cr Date Jan 1, 2020 0 0 0 Preferred Stock 0 0 C. Assume that the 36,000 shares of preferred stock are callable for 512 per share at the option of the issuer, Gilmore. After issuing 900 shares of callable preferred stock on January 1, 2020, for $12, Gilmore recalled 180 shares of preferred stock on June 30, 2020, for $12. Record the entries for Gilmore on January 1, 2020, and on June 30, 2020 Account Name Dr. Date Jan 1, 2020 0 0 Preferred Stock 0 0 . June 30, 2020 Preferred Stock 0 0 0 0 0 0 0 0 d. Assume that each of the 36,000 shares of preferred stock is convertible into 2 shares of common stock at the option of the stockholder. After issuing 900 shares of convertible preferred stock on January 1, 2020, for $12, 180 shares of preferred stock were converted into common stock on June 30, 2020. Record the entries for Gilmore on January 1, 2020, and on June 30, 2020, assuming that the fair value of the preferred stock was $16 per share on June 30, 2020. Date Account Name 0 Preferred Stock o Dr. Jan 1, 2020 0 0 . 0 0 0 June 30, 2020 Preferred Stock 0 0 0 Common Stock 0 0 0 . 0 Please answer all parts of the