Panther Corporation is authorized to issue $25,000$ shares of $5\%,$ $$22$ par value preferred stock, and $300,000$ shares of no$-$par common stock with a stated value of $$4$ per share. The following stock transactions were completed during its first year.

Instructions

Journalize the following transactions.

Jan. $18$ Issued $70,000$ shares of common stock for cash at $$7$ per share.

Mar. $9$ Panther Corporation purchased $6,000$ shares of its own previously issued common stock for cash at $$9$ per share.

Apr. $20$ Issued $8,000$ shares of preferred stock for cash at $$65$ per share.

Jul $5$ Issued $12,000$ shares of common stock for land. The asking price of the land was $$80,000.$ The company$$s estimate of fair value of the land was $$70,000.($Panther Corporation is a closely held corporation whose stock is not publicly traded.$)$

Oct. $15$ Issued $30,000$ shares of common stock for cash at $$10$ per share.

Nov. $8$ Panther Corporation sold its $3,000$ shares of treasury stock bought in March for cash at $$12$ per share.

Dec. $26$ Issued $4,000$ shares of preferred stock for cash at $$70$ per share.