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Question 2: TJ Inc. received its charter and began business in 2015. The company was authorized to issue 28,000, $5, noncumulative preferred shares, and 500,000 common shares. Prepare journal entries to record the following transactions that occurred during 2015: Mar-01 Sold 1,000 common shares for $45 per share, cash. May-06 Exchanged 3,000 preferred shares for equipment and inventory with a fair market value of $65,000 and $30,000 respectively