Franklin Corporation was authorized to issue 5,000 shares of $100 par value, 9% preferred stock and 50,000 share of $5 par common stock. Record the following transactions: Issued 10,000 shares of common stock for $11 per share Issued 500 shares of common stock at $11 per share for services rendered in connection with the organization of the company Issued 2,500 shares of common stock for land on which the asking price was $35,000. Market value of the stock was $12. Management wishes to record the land at the market price of the stock. Declared a cash dividend of $.50 per share on the common stock Date of record Paid the cash dividend Issued 1,000 shares of Preferred stock at $110 per share