Monty Corporation was organized on January 1, 2020. It is authorized to issue14,000shares of 8%, $100par value preferred stock, and550,000shares of no-par common stock with a stated value of $3per share. The following stock transactions were completed during the first year.

Jan.10 Issued80,500shares of common stock for cash at $6per share.

Mar.1 Issued4,400shares of preferred stock for cash at $105per share.

Apr.1 Issued24,500shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $87,500.

May.1 Issued85,000shares of common stock for cash at $4.25per share.

Aug.1 Issued10,000shares of common stock to attorneys in payment of their bill of $45,000for services performed in helping the company organize.

Sept.1 Issued10,000shares of common stock for cash at $6per share.

Nov.1 Issued1,500shares of preferred stock for cash at $115per share.

Journalize the transactions.