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Presented below is information related to Wyrick Company:

1.The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock.

2.7,500 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $290,000. The board establishes a stated value of $10 a share for the common stock.

3.5,800 shares of preferred stock are sold for cash at $110 per share.

4.The company issues 160 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $65 per share.

Prepare the general journal entries necessary to record these transactions.