During its first year of operations, Anchor Holdings Corporation entered into the following transactions relating to shareholders$$ equity. The articles of incorporation authorized the issue of $12,000,000$ common shares, $$1\mathrm{.}50$ par per share, and $1,500,000$ preferred shares, $$30\mathrm{.}00$ par per share.

January $12$ Sold $3,000,000$ common shares for $$9\mathrm{.}00$ per share.

February $1$ Issued $60,000$ common shares in exchange for legal services.

February $1$ Sold $120,000$ of its common shares and $24,000$ preferred shares for a total of $$1,884,000.$

September $4$ Issued $480,000$ of its common shares in exchange for land for which the cash price was known to be $$5,424,000.$

Required:

Prepare the appropriate journal entries to record each transaction and the shareholders' equity section of the December $31$ balance sheet.Sold $3,000,000$ common shares for $$9\mathrm{.}00$ per share.

Issued $60,000$ common shares in exchange for legal services.

Sold $120,000$ of its common shares and $24,000$ preferred shares for a total of $$1,884,000.$

Issued $480,000$ of its common shares in exchange for land for which the cash price was known to be $$5,424,000.$

Prepare the shareholders' equity section of the balance sheet for the Anchor Holdings Company at December $31.$ Net income for the

year was $$0$ and dividends totaled $$0.$Sold $3,000,000$ common shares for $$9\mathrm{.}00$ per share.

Issued $60,000$ common shares in exchange for legal services.

Sold $120,000$ of its common shares and $24,000$ preferred shares for a total of $$1,884,000.$

Issued $480,000$ of its common shares in exchange for land for which the cash price was known to be $$5,424,000.$

Prepare the shareholders' equity section of the balance sheet for the Anchor Holdings Company at December $31.$ Net income for the

year was $$0$ and dividends totaled $$0.$