Callaho Inc. began a very lucrative consulting operation on June 1, 2014. They are authorized to issue 500,000 shares of $5.00 cumulative preferred shares. They are also authorized to issue 650,000 common shares.

June 11 : 13,000 common shares were issued in exchange for land valued at $35,000. The shares were actively trading on this date at $3.00 per share.

June 18 : 9,000 of the common shares were issued for a total of $45,000 cash.

June 19 : Gave the corporation's promoters 7,000 common shares for their services in organizing the corporation.The directors valued the services at $21,000.

June 23 : 8,000 of the preferred shares were issued for a total of $112,000 cash.

June 25 : Issued 7,000 preferred shares at $14.00 per share for cash.

June 30 : In addition to the declaration of the annual dividend on the preferred shares, dividends of $58,000 were declared on the common shares today.

Required: Prepare journal entries for the above transactions.