The following selected transactions occurred during Trio Networks Corporation's first year of operations: 2020 Jan. 15 Issued 2,000 common shares to the corporation's promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $30,900. Feb. 21 12,000 common shares were issued for cash of $15 per share. Mar. 96,000 preferred shares were issued for cash totalling $107,600. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $309,000, $414,000, and $106,000, respectively. Required: Prepare journal entries