Prepare journal entries to record the following stock transactions:

Issued 10,000 shares of $5 par value common stock at $20 per share.

Issued 7,000 shares of $5 par value common stock in exchange for land valued at $120,000.

Purchased 150 shares of treasury stock at $25.

Sold 100 shares of treasury stock at $32.

Declared a dividend of $1.00 per share on the outstanding shares of common stock.