Velor Inc. began a very lucrative consulting operation on October 1, 2014. They are authorized to issue 550,000 shares of $4.00 cumulative preferred shares. They are also authorized to issue 600.000 common shares. a. October 14: 13,000 common shares were issued in exchange for land valued at $65,000. b. October 22:8,000 of the common shares were issued for a total of $24,800 cash. c. October 23: Gave the corporation's promoters 11,000 common shares for their services in organizing the corporation. The directors valued the services at $32,000. d. October 28 : Issued 10,000 preferred shares at $4.02 per share for cash. e. October 29: 7,000 of the preferred shares were issued for a total of $20,300 cash. f. October 31 : In addition to the declaration of the annual dividend on the preferred shares, dividends of $41,600 were declared on the common shares today. Prepare journal entries for the above transactions, entering the transaction letter as the explanation. Also, enter dates in the format dd/mmm (ie. 15/Jan). General Journal Account Explanation Page Gj1 F Debit Credit Date m C 21C Cloudy AENG 19.02 2017-2020