3. Issuance of Stock Carter Corporation has 500,000 shares of S10 par common stock authorized. The following transactions took place during 2020, the first year of the company's existence: 1/1/20 Sold 100,000 shares of common stock for $30 per share. 3/1/20 Issued 1,000 shares of common stock in exchange for land valued at $50,000. The market value of the stock is unknown. Instructions: Prepare the January 1 and March 1, 2020, journal entries