Prepare the general journal entries necessary to record these transactions for Willis company.

a/ The company files its Articles of Incorporation, authorizing 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock.

b/ 8,000 shares of common stock are issued to the founders of the corporation in exchange for land valued by the board of directors at $300,000. The board establishes a stated value of $5 per share for the common stock.

c/ 5,000 shares of preferred stock are sold for cash at $120 per share.

d/ The company issues 100 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $60 per share.