In 2017, the Hicklien Corporation was formed. The corporate charter authorizes the issuance of 10,000,000 shares of $1 par value common stock, and 4,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. The following selected transactions took place in 2017:

>1,200,000 shares of common stock were issued for cash. The market price of the stock was $10 per shares.

>25,000 shares of common stock were issued for land. The asking price of the land was $270,000. The fair value of the land was $239,500.

>200,000 shares of preferred stock were issued for cash. The market price of the stock was $95.

>10,000 shares of common stock were issued to attorneys in payment of their bill for $35,000 of services performed during the companys organization.

>5,000 shares of preferred stock were issued for cash. The market price of the stock was $100

>15,000 shares of preferred stock were issued for machinery and equipment. The fair value of the machinery and equipment was $1,650,000. The stock was selling in the market at $102 per share.

INSTRUCTIONS:

JOURNALIZE the 2017 transactions above in general journal form.