Mighty Corp. was organized on January 1, 2012. It is authorized to issue 500,000 shares of 8%, $100 par value preference shares, and 1,300,000 shares of ordinary shares with a par value of $3 per share. The following share transactions were completed during the first year. Feb. 1st Issued 200,000 ordinary shares for cash at $8 per share. Feb. 2nd Issued 40,000 ordinary shares to lawyer in payment of their fees of $80,000 for services rendered in helping the company organize. Apr. 10th Issued 50,000 ordinary shares for cash at $6 per share. Jun. 15th Issued 40,000 preference shares for cash at $140 per share. Jun. 20th Issued 40,000 ordinary shares for Equipment. The asking price of the equipment was $200,000; the fair value of the equipment was $180,000. Instructions Prepare the journal entries to record the above transactions