Hite Corporation is authorized to issue 1,000,000 ordinary shares with a $5 par value. During 2022, its first year of operation, the company has the following share transactions.

Jan. 1 Jan. 15 Jan. 30

July 2

Sept. 5 share.

Issued 500,000 ordinary shares at $7 per share.

Paid the government $2,000 for incorporation fees.

Attorneys for the company accepted 500 ordinary shares as payment for

legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $5,000.

Issued 100,000 shares for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $8 per share. Issued 6,000 preference shares with a $40 par value for cash at $41 per

Instructions

Journalize the transactions for Hite Corporation.