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Question 1 (25 points] Weber Inc. was authorized to issue 550,000 $2.00 preferred shares and 650,000 common shares. During May 2014, their first month of operations, the following selected transactions occurred: a. May 3: Issued 10,000 common shares at $5.00 per share for cash. b. May 5: 11,000 of the common shares were issued for a total of $55,000 cash. c. May 18 : Issued 7,000 preferred shares at $3.00 per share for cash. d. May 25 : Gave the corporation's promoters 10,000 common shares for their services in organizing the corporation. The directors valued the services at $30,000. e. May 25 : 14,000 of the preferred shares were issued for a total of $70,000 cash. f. May 27 : 7,000 common shares were issued in exchange for land valued at $35,000. 9. May 28 : 12,000 preferred shares and 12,000 common shares were issued at $6.00 and $2.00, respectively; 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 (i.e., January 15 would be 15/Jan). General Joumal Account/Explanation Page GJ5 F Debit Credit Date