E15.2 (LO 1) (Recording the Issuance of Common and Preferred Stock) Kathleen Battle Cor- poration was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of S1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 90,000 shares of common stock for cash at S5 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 ! Issued 80,000 shares of common stock for cash at 57 per share. Aug 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