Prepare journal entries for each of the following selected transactions that occurred during Trio Networks Corporation?s first year of operations:

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2020 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 $31,700. 21 Jan. 15 16,000 common shares were issued for cash of $13 per share. 6,000 preferred shares were issued for cash totalling $111,600. Feb. Mar. Aug. 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $317,000, $422,000, and $114,000, respectively. 15