Journal entries for various transactions. Present journal entries for each of the following transactions of Brackin Corporation during October, its first month of operations.

(1) October 2: Issues 600,000 shares of \(\$ 10\)-par value common stock for \(\$ 16\) cash per share.

(2) October 3: Acquires a building costing \(\$ 3,000,000\). The firm makes a down payment of \(\$ 300,000\) and signs an 8 -percent note maturing in three years for the balance.
(3) October 8: Acquires equipment costing \(\$ 40,000\) for cash.
(4) October 15: Acquires on account merchandise inventory costing \(\$ 130,000\) from various suppliers.
(5) October 18: Issues a check for \(\$ 800\) for insurance coverage for the period beginning November 1 .
(6) October 20: Receives a check for \(\$ 2,200\) from a customer for merchandise to be delivered on November 5.
(7) October 26: Pays invoices totaling \(\$ 90,000\) from the purchases on October 15, after deducting a 2-percent discount for prompt payment. The firm treats cash discounts as a reduction in the acquisition cost of inventory.
(8) October 30: Pays the remaining invoices from the purchases on October 15 after the discount period has lapsed.