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Question 1 [25 points] Callaho Inc. was authorized to issue 450,000 $2.00 preferred shares and 650,000 common shares. During October 2014, their first month of operations, the following selected transactions occurred: a. October 1:6,000 preferred shares and 6,000 common shares were issued at $8.00 and $5.00, respectively; cash. b. October 2: 13,000 of the preferred shares were issued for a total of $26,000 cash. c. October 9: 10,000 common shares were issued in exchange for land valued at $40,000. d. October 9 : Issued 7,000 preferred shares at $6.00 per share for cash. e. October 11 : Issued 13,000 common shares at $6.50 per share for cash. f. October 13: Gave the corporation's promoters 7,000 common shares for their services in organizing the corporation. The directors valued the services at $42,000. g. October 31 : 11,000 of the common shares were issued for a total of $44,000 cash. Prepare journal entries for the above transactions. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (.e., January 15 would be 15/Jan). General Journal Account Explanation Page GJS Date F Debit Credit +