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Question 15 After incorporation on January 15, 2017, the only share capital issued by the privately-owned Sheffield Corporation is 1,000 common shares issued at $10 each. Sheffield reports under IFRS although it is allowed to follow ASPE. Other activity related to shareholder's equity is outlined below. June 12 Issued 40,630 common shares for cash at $14 per share. June 30 Issued 1,600 common shares to a law firm in settlement of their bill for $25,420. (Use Professional Fees Expense) On June 30, the shares had a fair value of $13 each. July 11 Issued 1,000 preferred shares for $44 per share. Each share was convertible into 5 common shares. Oct. 1 Issued 6,400 common shares in exchange for land. The common shares were trading at $12 per share on that date. The land's fair value was estimated to be $77,660. Nov. 15 Issued 1,000 preferred shares for $48 per share. Nov. 22 Preferred shareholders converted 500 of the preferred shares into common shares. The fair values of the common and preferred shares on that day were $12.5 and $47.00 respectively. Record the share transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round average per share amount to two decimal places.)