VIP Corporation's first year of operations had the following transactions: 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 $32,500. Feb. 21 20,000 common shares were issued for cash of $15 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $115,600. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with Required: appraised values of $325,000, $430,000, and $122,000, respectively. Prepare journal entries. View transaction list 1 Record the issue of common shares to promoters. 2 Record the issue of common shares for cash. 3 Record the issue of preferred shares for cash. 4 Record the issue of common shares in exchange for land, building, and equipment. Credit