Garner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock.During 2008, its first year of operation, the company has the following stock transactions.

Jan.1Paid the state $2,000 for incorporation fees.

Jan.15Issued 500,000 shares of stock at $7 per share.

Jan.30Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $8,000.

July2Issued 100,000 shares of stock for land.The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share.

Sept.5Purchased 15,000 shares of common stock for the treasury at $10 per share.

Dec.6Sold 11,000 shares of the treasury stock at $11 per share.

Instructions

Journalize the transactions for Garner Corporation