a)Ming Limited was organized on January 1, 2020. It is authorized to issue 15,000 7%, $1,000 par value preference shares, and 400,000 no-par ordinary shares with a stated value of $15 per share. The following share transactions were completed during the first year.

Date

Transactions

Jan. 10

Issued 100,000 ordinary shares for cash at $48 per share.

Mar. 1

Issued 1,000 preference shares for cash for $1,050,000.

Apr.1

Issued 1,000 preference shares for land. The asking price of the land was $1,780,000. The fair value of the land was $1,720,000.

Aug. 1

Issued 10,000 ordinary shares to attorneys in payment of their bill of $280,000 for services provided in helping the company organize.

Journalize the above transactions

b)On January 1, 2019, the stockholders' equity section of Intercontinental Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.

Mar.1Purchased 30,000 shares for cash at $22 per share.

July1Sold 6,000 treasury shares for cash at $27 per share.

Oct.1Sold 5,000 treasury shares for cash at $19 per share.

Dec1Sold 3,000 treasury share for cash at $10 per share.

Journalize the treasury stock transactions.