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Share Transactions - Question 1 1. Springbok Rugbu Inc is authorized to issue 20,000 convertible preferred shares with a par value of $1000 and an unlimited number of no par value common shares. The preferred shares can be converted into common shares at a mtio of IS Prepare all entries required. a. c. d e g Issued 10,000 preferred shares at par value. Exchanged 1,000 common shares for a computer valued at $12,500. Our legal fees for our organizational costs were $2,500 00 We issued 150 shares of preferred stock to our lawuers_ Issued 20,000 shares of common stock for $1.75 per share. Issued 1,000 shares of preferred stock at 31525 each. We purchase 1,200 of our preferred shares back at par value One of our shareholders exercises their option and converts 1,000 preferred shares for common stock. Executed a 2 forl common stock split