Prepare general journal entries for the following independent events.
Issued 50 000 ordinary shares at a $1.20 issue price in exchange for land whose fair value was equal to value of the shares.
Issued $10 000 000 5% debentures at par and for cash.
Paid a $120 000 cash dividend on ordinary shares.
Sold goods for $50 000 cash.
Purchased inventory for $45 000 on credit.