Kingbird, Inc. was organized on January $1,2022.$ It is authorized to issue $12,500$ shares of $8\%,$$$100$ par value preferred stock,

and $513,000$ shares of no$-$par common stock with a stated value of $$2$ per share. The following stock transactions were completed

during the first year.

Jan. $10$ Issued $78,000$ shares of common stock for cash at $$4$ per share.

Mar. $1$ Issued $5,750$ shares of preferred stock for cash at $$110$ per share.

Apr. $1$ Issued $23,000$ shares of common stock for land. The asking price of the land was $$94,000.$ The fair value of the land

was $$80,500.$

May $1$ Issued $81,500$ shares of common stock for cash at $$4\mathrm{.}25$ per share.

Aug. $1$ Issued $10,500$ shares of common stock to attorneys in payment of their bill of $$42,000$ for services performed in

helping the company organize.

Sept. $1$ Issued $11,500$ shares of common stock for cash at $$6$ per share

Nov. $1$ Issued $3,000$ shares of preferred stock for cash at $$108$ per share. Journalize the transactions. $($Record journal entries in the order presented in the problem. Credit account titles are automatically

indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the

amounts.$)$