United Corporation was authorized to issue 400,000 $2.00 preferred shares and 500,000 common shares. During January 2014, their first month of operations, the following selected transactions occurred: a. January 1 : Issued 14,000 preferred shares at $6.50 per share for cash b. January 2: 14,000 common shares were issued in exchange for land valued at $70,000. C. January 8 : 14,000 of the preferred shares were issued for a total of $42,000 cash. d. January 18 Gave the corporation's promoters 11,000 common shares for their services in organizing the corporation. The directors valued the services at $22,000. e. January 23 : 12,000 of the common shares were issued for a total of $48,000 cash f. January 27: Issued 13,000 common shares at $2.50 per share for cash. g. January 305,000 preferred shares and 9,000 common shares were issued at $9.00 and $4.00, respectively, cash Prepare journal entries for the above transactions. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie., January 15 would be 15/Jan). General Journal Account/Explanation Page GJ5 Credit Date F Debit + + + - - + +