The shareholders' equity section of Headlands Corporation at January 1, 2024, included the following: Share capital: $1.25 preferred shares, 256,000 shares authorized, 51.200 shares issued $768,000 Common shares, unlimited number of shares authorized 108,000 shares issued 864,000 Total share capital 1,632,000 Retained earnings 505,000 Total shareholders' equity $2,137,000 (a) Your answer is correct. Record the journal entries required for the transactions of Headlands 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 O for the amounts. List all debit entries before credit entries.) 1.. 2. 3. 4. Paid $5,300 cash and issued 2.500 common shares to the company's lawyers for legal services rendered valued at $32.000. Sold an additional 1,200 shares of $1.25 preferred shares for cash of $16 per share. Exchanged an additional 8,100 shares of $1.25 preferred shares for land. The asking price for the land was $130,000 and the fair market value of the land at the date of the exchange was $123,000. Issued 1,400 common shares in exchange for a patent that had a fair market value of $12,000 and a useful life of Sver