Information World Digest Co organized on June 1, 2020 and is raising money by issuing bonds. The company is authorized to issue 200,000 shares of 4%, no par common stock with a stated value of $2 per share. They are also authorized to issue 50,000 shares of 6%, $50 par value, preferred stock.

The following transactions occurred during the first year of operations.

15-Jun-20

Issued 20,000 shares of common stock for cash at $22/share

15-Aug-20

Issued 20,000 shares of common stock for cash at $26/share

15-Nov-20

Issued 5,000 shares of preferred stock in return for legal services that otherwise would have cost $32,000.

1-Jan-21

Issued 60,000 shares of common stock in return for a storage warehouse listed for sale for $400,000 with a FMW of $360,000.

1-Feb-21

Issued 5,000 shares of preferred stock for cash at $55/share

Make the journal entries to record the transactions.