Pelican Corporation was organized on January 1, 2021, with 700,000 authorized $5 par common shares and 100,000 authorized $15 par preferred shares. During 2021 (the first year of operations), the corporation had the following capital transactions:

January 1 Issued 370,000 common shares and 85,000 preferred shares for $15,792,000

March 31 Issued 25,000 shares of common stock in exchange for land apprised at $675,000. The stock was actively trading at $28 per share on March 31.

July 31 Repurchased 135,000 shares of common stock at $32 per share September 20 Sold 33,000 treasury shares at $33 per share

December 20 Sold 90,000 treasury shares at $29 per share

a. (6%) On January 1, 2021, the common stock was valued at $23 per share and the preferred stock value was unknown. Prepare the entry to record the stock issuance on January 1, 2021. b. (4%) Prepare the journal entry to record the land acquisition on March 31.

c. (2%) Prepare the journal entry to record the repurchase of shares on July 31.

d. (6%) Prepare the journal entries to record the sales of shares on September 20 and December 20.