1. On June 1, Summit Corporation issued 1,000 shares of $100 par value preferred stock at par value. On June 10, the corporation issued 3,000 shares of $10 par value common stock for $18 per share. On June 15, Summit issued 15,000 shares of common stock in exchange for land with a fair market value of $60,000 and a building with a fair market value of $180,000.

Prepare journal entries for the above transactions.