$3$ E$15-2($Recording the Issuance of Common and Preferred Stock$)$ Abernathy Corporation was organized on January $1,2012.$ It is authorized to issue $10,000$ shares of $8\%,$$$50$ par value preferred stock, and $500,000$ shares of no$-$par common stock with a stated value of $$2$ per share. The following stock transactions were completed during the first year.

Jan. $10$ Issued $80,000$ shares of common stock for cash at $$5$ per share.

Mar. $1$ Issued $5,000$ shares of preferred stock for cash at $$108$ per share.

Apr. $1$ Issued $24,000$ shares of common stock for land. The asking price of the land was $$90,000$; the fair value of the land was $$80,000.$

May $1$ Issued $80,000$ shares of common stock for cash at $$7$ per share.

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

Sept. $1$ Issued $10,000$ shares of common stock for cash at $$9$ per share.

Nov. $1$ Issued $1,000$ shares of preferred stock for cash at $$112$ per share.

Instructions

Prepare the journal entries to record the above transactions.