Question 5 [20 points] Global Filter Corp. began a very lucrative consulting operation on December 1, 2014. They are authorized to issue 500,000 shares of $1.00 cumulative preferred shares. They are also authorized to issue 600,000 common shares. a. December 14 : 14,000 of the common shares were issued for a total of $9,800 cash. b. December 20: 7,000 of the preferred shares were issued for a total of $20,300 cash. c. December 22: Issued 6,000 preferred shares at $2.86 per share for cash. d. December 23: Gave the corporation's promoters 8,000 common shares for their services in organizing the corporation. The directors valued the services at $39,000 e. December 25: 10,000 common shares were issued in exchange for land valued at $10,000. f. December 31: In addition to the declaration of the annual dividend on the preferred shares, dividends of $44,800 were declared on the common shares today. Prepare journal entries for the above transactions, entering the transaction letter as the explanation. Also, enter dates in the format dd/mmm (ie. 15/Jan). Page Gj1 General Journal Account Explanation Date F Debit Credit