Ivy Enterprises Inc. manufactures office furniture. The company was incorporated on January 1, 2015 with an authorized share of 1000,000 no-par common stock with a stated value of $5 per share and 10,000 shares of $100 par value 8% preferred stock. The following stock transactions were completed during the first year.

Jan-15: Issued 80,000 shares of common stock for cash at $12 per share.

Mar-15: Issued 5,000 shares of preferred stock for cash at $110 per share.

Apr-15: Issued 10,000 shares of common stock to consultant in payment of their bill of $70,000 for services provided in helping the company appraise an up-coming project. During that time the transaction, the market price of the stocks were not available.

May-15: Issued 80,000 shares of common stock for cash at $7.5 per share.

Jul-15: Issued 18,000 shares of common stock in exchange for land and buildings. The asking price of the assets were initially set very high. However, after multiple rounds of negotiation the final selling price was set at $50,000 and $60,000, respectively.

Oct-15: Issued 1,000 shares of preferred stock for cash at $100 per share.

Instructions: Journalize the transactions in the following table for the entire year for Ivy Enterprise.