The Barlow Flashes are a semiprofessional baseball team that has been operated as a partnership by J. Barlow and B. Hearn. In addition to their management responsibilities, Barlow plays second base and Hearn sells hot dogs. Journalize the following transactions in the first month of operation as a corporation:

May 14 The incorporators paid legal fees of \(\$ 840\) and state taxes and fees of \(\$ 500\) to obtain a corporate charter.
14 Issued 2,500 shares of \(\$ 5\) par common stock to Barlow and 1,000 shares to Hearn. Barlow's capital balance on the partnership books was \(\$ 20,000\), and Hearn's capital balance was \(\$ 12,000\).
18 The city of Mineola donated 20 acres of land to the corporation for a stadium site. The land's market value was \(\$ 80,000\).
Computing dividends on preferred and common stack (Obj. 5 )
Evaluating profitability (Obj. 6)
Book value per share of preferred and common stock (Obj. 7)
Book value per share of preferred and common stock; preferred dividends in arrears \((O b j .5,7)\)