Holiday, Inc. is authorized to issue 1,250,000 shares of $50 par, 4%, noncumulative, nonparticipating preferred stock and 2,000,000 shares of $6 par common stock. Prepare journal entries to record the following selected transactions that occurred during this year:

Dec. 1	Issued 10,000 shares of common stock for $25 cash per share.
15	Exchanged 30,000 shares of common stock for land with market value of $290,000.