Cullumber Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid salaries of $9,000. 5. 6. Issued 600 shares of $1 par value common stock for equipment worth $4,800. Sold equipment (cost $10,600, accumulated depreciation $7,420) for $1,272.