E$15-2($Recording the Issuance of Common and Preferred Stock$)$ Abernathy Corp. was organized on Jan $1,2012.$ It is authorized to issued $10,000$ shares of $8\%,$ $$50$ per value preferred stock, and $500,000$ shares of n$0-$par common stock with stated value of $$2$ per share. The following stock transactions were completed during the first year.

Jan. $10$ Issued $80,000$ shares of common stock for cash at $$5$ per share.

Mar. $1$ Issued $5,000$ shares of preferred stock for cash at $$108$ per share.

Apr. $1$ Issued $24,000$ shares of common stock for land. The asking price of the land was $$90,000$; the

fair value of the land was $$80,000.$

May $1$ Issued $80,000$ shares of common stock for cash at $$7$ per share.

Aug. $1$ Issued $10,000$ shares of common stock to attorneys in payment of their bill of $$50,000$ for

Services rendered in helping the company organize.

Sept. $1$ Issued $10,000$ shares of common stock for cash at $$9$ per share.

Nov. $1$ Issued $1,000$ shares of preferred stock for cash at $$112$ per share.

Instructions

Prepare the journal entries to record the above transactions.