Monty Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 550.000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year Jan. 10 Mar. 1 Issued 80,500 shares of common stock for cash at $6 per share. Issued 4.400 shares of preferred stock for cash at $105 per share. Issued 24,500 shares of common stock for land. The asking price of the land was $84,000. The fair value of the land was $87.500 Apr. 1 May 1 Aug. 1 Issued B5,000 shares of common stock for cash at $4.25 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize Issued 10,000 shares of common stock for cash at $6 per share. Issued 1.500 shares of preferred stock for cash at $115 per share. Sept. 1 Nov. 1 (a) Your answer is correct Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Cash 483000 Common Stock 241500 Pald-in Capital in Excess of Stated Value-Common Stock 241500 Cash 462000 Preferred Stock 1000000 440000 Pald-in Capital in Excess of Par-Preferred Stock 22000 N Land 87500 Common Stock 73500 Pald-in Capital in Excess of Stated Value-Common Stock 14000 Cash 361250 Common Stock 255000 Pald-in Capital in Excess of State Value-Common Stock 106250 Organization Expense 45000 Common Stock 30000 Pald-in Capital in Excess of State Value-Common Stock 15000 Cash 60000 Common Stock 30000 Pald-in Capital in Excess of Stated Value-Common Stock 30000 Cash 172500 TONE Preferred Stock 150000 Paid-in Capital in Excess of Par-Preferred Stock 22500 Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock