Prepare the correct journal entries for the following transactions:

12/01 Issued capital stock for $300,000 cash.

12/03 Received $144,000 for magazine subscriptions to run for two

years from this date. The magazine is published monthly on the

23rd.

12/04 Paid for advertising to be run in a national periodical for six

months (starting this month). The cost was $36,000.

12/ 07 Purchased for cash an insurance policy to cover a two-year

period beginning December 15, $24,000.

12/12 Paid the annual rent on the building, $36,000, effective through

November 30, 2013.

12/15 Received $216,000 cash for two-year subscriptions starting

with the December issue.