Question 1 (25 points] Northstar Corp. was authorized to issue 550,000 $2.00 preferred shares and 550,000 common shares. During February 2014, their first month of operations, the following selected transactions occurred: a. February 5 : 5,000 common shares were issued in exchange for land valued at $20,000. b. February 6: Issued 11,000 common shares at $5.00 per share for cash. c. February 15:10,000 of the common shares were issued for a total of $60,000 cash. d. February 15: 7,000 preferred shares and 7,000 common shares were issued at $8.00 and $3.00, respectively; cash. e. February 17: Gave the corporation's promoters 6,000 common shares for their services in organizing the corporation. The directors valued the services at $24,000. f. February 24 : 7,000 of the preferred shares were issued for a total of $63,000 cash. g. February 27 : Issued 10,000 preferred shares at $2.50 per share for 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 Journal Account/Explanation Page GJ5 F Debit Credit Date +