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Problem II - Recording Equity Entries James Corporation is a uthorized to issue 5,000,000 shares of $6 par value common stock. During 2021, its first year of operation, the company has the following stock transactions. Jan. 9 Issued 450,000 shares of stock at $8 per share. Mar. 24 Attorneys for the company accepted 10,000 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $90,000. Apr. 7 The Corporation's board of directors declared a 10% stock dividend when the market value was $14 per share. July 12 Purchased 15,000 shares of common stock for the treasury at $12 per share. Sept. 5 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $11 per share. Oct. 10 Sold 11,000 shares of the treasury stock at $15 per share. Nov. 6 The Corporation issued a 2 for 1 stock split. Dec. 15 The Company's board of directors declared a $1.00 per share cash dividend to stockholders of record on Dec. 31. The cash dividend will be paid on January 15,2022. Dec. 31 Net income earned during the year was $425,000