Early in the year Red and several friends organized a corporation called Rainbow, Inc. The corporation was authorized to issue 100,000 shares of $100 par value, 5% cumulative preferred stock and 100,000 shares of $1 par value common stock. Match the stock transactions listed below with the correct journal entry. Jan 7 Issued for cash 30,000 shares of $1 par value common stock at $10 per share. The shares were issued to Red and four other investors. Jan 12 Issued an additional 1,000 shares of common stock to Red in exchange for her services in organizing the corporation. The stockholders agreed that these services were worth $12,000. Jan 18 Issued 4,000 shares of $100 par value, 5% preferred stock for cash of $400,000 [Choose ] [Choose Debit Organization expense 12.000; credit Common stock 1,000; credit Additional paid-in capital 11,000 Debit Land 120,000; credit Common stock 10,000; credit Additional paid-in capital 110,000 Debit Income summary 810,000; credit Retained earnings 810,000 Debit Dividends payable 20,000; credit Cash 20,000 Debit Cash 400,000; credit Preferred stock 400,000 Debit Treasury stock 16,000; credit Cash 16,000 Debit Dividends 20,000; credit Dividends payable 20,000 Debit Cash 300.000; credit Common stock 30,000; credit Additional paid-in capital 270,000 [Choose ]