1. Stonehurst Corporation is authorized to issue 100,000 shares of $5 par value common stock and 2,000 shares of $100 par value 6% preferred stock. Prepare the journal entries to record the following transactions: July 15 Issued 1,000 shares of common stock to an attorney for a bill of $7,000 in connection with the organization of the corporation July 25 Issued 2,000 shares of preferred stock for cash of $120 per share July 27 Issued 10,000 shares of common stock in exchange for land with an asking price of $75,000 Aug 1 Issued 5,000 shares of common stock for $35,000 in cash. Prepare the stock holder's equity section of the balance sheet using the information from above and a retained earnings balance of $3,579