Cullumber Company was organized on January 1, 2019. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 450,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year:

Jan.	10		Issued 75,000 shares of common stock for cash at $4 per share.
Mar.	1		Issued 4,000 shares of preferred stock for cash at $105 per share.
Apr.	1		Issued 22,000 shares of common stock for land. The asking price of the land was $85,000. The fair value of the land was $80,000.
May	1		Issued 75,000 shares of common stock for cash at $4.25 per share.
Aug.	1		Issued 10,000 shares of common stock to attorneys in payment of their bill of $35,000 for services performed in helping the company organize.
Sept.	1		Issued 10,000 shares of common stock for cash at $5 per share.
Nov.	1		Issued 1,000 shares of preferred stock for cash at $108 per share.

Journalize 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.)

2. Post to the stockholders equity accounts.

3.Prepare the paid-in capital section of stockholders equity at December 31, 2019.

Account tiltles:

Accounts Payable Accounts Receivable Accumulated Depreciation Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Other Comprehensive Income Accumulated Other Comprehensive Loss Allowance for Doubtful Accounts Bad Debt Expense Buildings Cash Cash Dividends Common Dividends Payable Common Stock Common Stock Dividends Distributable Cost of Goods Sold Depreciation Expense Dividends Dividends Payable Equipment Gain on Sale of Stock Income Summary Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Inventory Land Loss on Disposal of Plant Assets No Entry Notes Payable Operating Expenses Organization Expense Other Operating Expenses Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Patents Preferred Dividends Payable Preferred Stock Prepaid Expenses Prepaid Insurance Professional Fees Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Stock Dividends Supplies Supplies Expense Treasury Stock Unearned Service Revenue Utilities Expense