Abernathy Corporation was organized on January 1, 2015. It is authorized to issue 10,000 shares of 8%, \($50\) par value preference shares, and 500,000 shares of no-par ordinary shares with a stated value of \($2\) per share. The following share transactions were completed during the first year.

Jan. 10 Issued 80,000 ordinary shares for cash at \($5\) per share.

Mar. 1 Issued 5,000 preference shares for cash at \($108\) per share.

Apr. 1 Issued 24,000 ordinary shares for land. The asking price of the land was \($90\),000; the fair value of the land was \($80\),000.

May 1 Issued 80,000 ordinary shares for cash at \($7\) per share.

Aug. 1 Issued 10,000 ordinary shares to attorneys in payment of their bill of \($50\),000 for services rendered in helping the company organize.

Sept. 1 Issued 10,000 ordinary shares for cash at \($9\) per share.

Nov. 1 Issued 1,000 preference shares for cash at \($112\) per share.

Instructions Prepare the journal entries to record the above transactions.