Jackson Browne Corporation is authorized to issue 1,000,000 shares of $2 par value common stock. During 2021, its first year of operation, the company has the following stock transactions.

Jan. 1 Paid the state $12,000 for incorporation fees.

Jan. 15 Issued 500,000 shares of stock at $8 per share.

July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $7 per share.

Sept. 5 Purchased 10,000 shares of common stock for the treasury at $6 per share.

Dec. 6 Sold 7,000 shares of the treasury stock at $11 per share.

Instructions

Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.