MJ Corporation was organized on April 8, 2020. The corporation was authorized to issue 9,000 shares of 9% cumulative preference shares, P100 par value, and 90,000 shares of ordinary shares, P35 par value. Record in a general journal the following transactions completed during the firm's first year of operations:

April 8 Sold 32,000 shares of ordinary shares at par for cash.

April 8 Issued 900 shares of ordinary shares to a lawyer in exchange for legal services pertaining to incorporation. The stock is selling at par.

May 7 Sold 5,000 shares of preferred stock at P109; received cash.

Aug. 12 Issued 30,000 shares of ordinary shares in exchange for land with a fair market value of P1,050,000.