VIP Corporation's first year of operations had the following transactions: 2020 Jan. 15 Issued 2,000 common shares to the conporation's promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $31,200. Feb. 2113,500 common shares were issued for cash of $15 per share. Mar. 96,000 preferred shares were issued for cash totalling $109,100. Aug. 1555,000 common shares were issued in exchange for land, building, and equipment with appraised values of $312,000,$417,000, and $109,000, respectively. Required: Prepare journal entries. Journal entry worksheet Record the issue of common shares to promoters. Note: Enter debits before credits. Journal entry worksheet Record the issue of common shares to promoters. Note: Enter debits before credits