Prepare the journal entries for the following transactions:

1. Bought land for 15,000 shares with a $35 per share market value.

2. Bought a building for $250,000. Paid one-fifth in cash and the balance with a 10-year, 6% interest note payable.

3. Paid utilities bill for $450.

4. Paid salaries and wages of $8,500.

5. Paid $8,000 on merchandise