The following selected transactions occurred during Trio Networks Corporation's first year of operations: 2020 Jan. 15 Issued 2,889 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. 96,000 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 appraised values of $325,000, $430,000, and $122,000, respectively. 10.15 Required: 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. Saved 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 appraised values of $325,000, $430,000, and $122,000, respectively. Required: 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.