Novak Corporation was organized on January 1, 2025. It is authorized to issue 9,700 shares of 8%, $100 par value preferred stock, and 540,200 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. Apr. May Aug. Issued 0,290 shares of common stock for cash at $6 per share. Issued 5,190 shares of preferred stock for cash at $111 per share. Issued 24,970 shares of common stock for land. The asking price of the land was $91,640; the fair value of the land was $80,290. Issued 80,290 shares of common stock for cash at $9 per share. Issued 9,700 shares of common stock to attorneys in payment of their bill of $49,100 for services rendered in helping the company organize. Issued 9,700 shares of common stock for cash at $11 per share. 1 Issued 1,060 shares of preferred stock for cash at $107 per share. Sept. Nov. 1 1 1 1 1

Novak Corporation was organized on January 1, 2025. It is authorized to issue 9,700 shares of 8%,$100 par value preferred stock, and 540,200 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued $9,290 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,190 shares of preferred stock for cash at $111 per share. Apr. 1 Issued 24,970 shares of common stock for land. The asking price of the land was $91,640; the fair value of the land was $80,290. May 1 Issued 80,290 shares of common stock for cash at $9 per share. Aug- 1 Issued 9,700 shares of common stock to attorneys in payment of their bill of $49,100 for services rendered in helping the company organize. Sept. 1 Issued 9,700 shares of common stock for cash at \$11 per share. Nov. 1 Issued 1,060 shares of preferred stock for cash at \$107 per share. Novak Corporation was organized on January 1,2025. It is authorized to issue 9,700 shares of 8%,$100 par value preferred stock, and 540,200 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,290 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,190 shares of preferred stock for cash at \$111 per share. Apr. 1 Issued 24,970 shares of common stock for land. The asking price of the land was $91,640; the fair value of the land was $80,290. May 1 Issued 80,290 shares of common stock for cash at $9 per share. Aug. 1 Issued 9,700 shares of common stock to attorneys in payment of their bill of $49,100 for services rendered in helping the company organize. Sept. 1 Issued 9,700 shares of common stock for cash at \$11 per share. Nov. 1 Issued 1,060 shares of preferred stock for cash at $107 per share. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts. Record entries in the order displayed in the problem statement.)