Earle Corporation was organized on January 1, 2022. It is authorized to issue 20,000 shares of 6%,$50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Instructions: Journalize the transactions Jan. 10 Issued 100,000 shares of common stock for cash at $3 per share. Mar. 1 Issued 10,000 shares of preferred stock for cash at $55 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $90,000. The company's estimate of fair market value of the land was $75,000 May 1 Issued 75,000 shares of common stock for cash at $4 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services provided in helping the company organize. Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $60 per share