A corporation was organized on January 30 of the current year, with an authorization of 20,000 shares of $4 cumulative preferred stock with a $12 par, and 100,000 shares of $3 par common stock. Journalize the following: Jan 30: Issued 15,000 shares of common stock at $21 per share for cash. Feb 24: Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $55,000, $120,000, and $45,000, respectively. Jun 30: Declared a dividend of $2 per share, payable on July 14, to stock holders of record on July 7. Jul 2: Declared a 5% stock dividend. The market value is $18 per share.