Presented below is information related to Roberts Corp.:

1.Roberts is granted a charter that authorizes issuance of 100,000 no par value preferred shares and an unlimited number of no par value common shares.

2.10,000 common shares are issued for land with a fair value of $ 400,000.

3.3,000 preferred shares are sold for cash at $ 110 per share.

4.Roberts issues 100 common shares to its lawyer for costs associated with starting the company. At this time, the common shares are selling at $ 60 per share.The actual lawyer's invoice was for $5,500.

5.Roberts issues shares on a subscription basis.Each subscriber has the right to purchase 100 common shares at $ 50 per share. 10 individuals accept the offer and agree to pay 10% down and the remainder in a second instalments.

6.The final instalment payment re (5) above is received and shares are issued.

7.Related to #5 above, assume that one (1) investor cancelled the subscription after making the 10% payment.Due to the terms of the contract, the investor must forfeit completely the 10% down payment.

Required:Prepare the required general journal entries to record these transactions.If no entry is required, state this fact.