On January 1, 2015, the stockholders' equity section of Jones Corporation shows: Common stock($1 par value) $300,000, paid-in capital in excess of par value $1,000,000. Retained earnings $1,200,000. Jones Corporation has 1,000,000 authorized shares of 2.5% preferred $20 par value.

During 2015 the following occurred:

Jan 5. Issued 20,000 preferred shares at $75/share

Mar 17 Issued 50,000 shares of common stock in exchange for legal services. Fair value of legal services is $900,000

June 15 Issued 24,000 shares for land having $1,900,000 asking price. Market value of stock was $75/share.

Sept 2 Purchased 30,000 common shares for cash at $20 share

Oct 10 Sold 6,000 Treasury shares for $24/share

Nov 2 Sold 5,000 treasury shares at $17/share

Dec 10 Declared an annual dividend on the preferred stock.

Dec 28 net income was $567,900 for 2015.

1. journalize the transactions in good form.

2. present stockholders's equity section in form as result of entries above.