Indigo Corporation was organized on January 1, 2017. It is authorized to issue10,300shares of 8%, $100par value preferred stock, and518,000shares of no-par common stock with a stated value of $1per share. The following stock transactions were completed during the first year.

Jan. 10Issued80,740shares of common stock for cash at $6per share.Mar. 1Issued5,370shares of preferred stock for cash at $111per share.Apr. 1Issued24,840shares of common stock for land. The asking price of the land was $90,490; the fair value of the land was $80,740.May 1Issued80,740shares of common stock for cash at $8per share.Aug. 1Issued10,300shares of common stock to attorneys in payment of their bill of $48,700for services rendered in helping the company organize.Sept. 1Issued10,300shares of common stock for cash at $10per share.Nov. 1Issued1,090shares of preferred stock for cash at $109per share.

Prepare the journal entries to record the above transactions.