Mailings Review View Part II (44 Points) The Gorton Corporation is authorized to issue 200,000 shares of 10%, $100 par value preferred stock and 1,000,000 shares of $1 stated value common stock. Journalize the following sequentially related transactions that occurred during the year: - Issued 1,000 shares of preferred stock for $110 per share. - Issued 500,000 shares of common stock at $7 per share. Issued 500 shares of common stock as payment for legal services rendered in helping the company to incorporate. The legal services are estimated to have a value of $5,000. 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 $8 per share. Foc Tallings Review View Purchased 15,000 shares of common stock for the treasury at $9 per share. Declared the regular dividend on the preferred stock and a $.25 per share dividend on the common stock - Sold 11,000 shares of the treasury stock at $11 per share. Due to a downturn in the economy, Gorton suffered a Net Loss of $300,000 for the year. Focul