CORRECT THE BLANK BOXES AND THE BOXES IN RED

Sheridan Company was organized on January 1, 2022. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 477,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the rst year. Jan. 10 Issued 80,500 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,550 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 24,500 shares of common stock for land. The asking price of the land was $92,500. The fair value of the land was $85,000. May 1 Issued 80,000 shares of common stock for cash at $5.00 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $44,500 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $7 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $114 per share. Journal ize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. if no entry is required. select \"No Entry" for the account titles and enter 0 for the amounts.) Date Jan. 10 V : Mar. 1 V : Account Titles and Explanation Debit Credit Cash 322000 Common Stock l I 161000 | Paid-in Capital in Excess of ParCommon Stock l | 161000 | Cash 477750 Preferred Stock 45 5000 Paid-in Capital in Excess of Par-Preferred Stock l | 22750 | Apr. 1 V Land l | 85000 Common Stock 49000 Paid-in Capital in Excess of ParPreferred Stock l I 36000 |