Sierra Corporation engaged in the following share transactions in the first quarter of their fiscal year: Jul. 19 Issued 5,500 common shares for cash of $11.50 per share. Aug. 3 Sold 2,500 $1.50 Class A preferred shares for $14,000 cash to new investors. 11 Received inventory valued at $30,000 and vehicles with market value of $22,000 for 5,200 common shares. Sep. 15 Issued 3,500 $2.00 Class B preferred shares for $14.00 per share. Required 1. Journalize the transactions. Explanations are not required. 2. How much contributed capital did these transactions generate for Sierra Corporation? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 19. Issued 5,500 common shares for cash of $11.50 per share. Journal Entry Date Accounts Debit Credit Jul. 19