Crane Corporation is authorized to issue $1,000,000$ shares of $$5$ par value common stock. During $2020,$ its first year of operation, the company has the following stock transactions.

Jan. $1$ Paid the state $$5,000$ for incorporation fees.

Jan. $15$ Issued $510,000$ shares of stock at $$6$ per share.

Jan. $30$ Attorneys for the company accepted $400$ shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $$7,000.$

July $2$ Issued $110,000$ shares of stock for land. The land had an asking price of $$910,000.$ The stock is currently selling on a national exchange at $$8$ per share.

Sept. $5$ Purchased $15,100$ shares of common stock for the treasury at $$9$ per share.

Dec. $6$ Sold $11,200$ shares of the treasury stock at $$11$ per share.

Journalize the transactions for Crane Corporation. $($List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit