Presented below is information related to Rodney Corp.:

1. Rodney 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 $ 420,000.

3. 3,000 preferred shares are sold for cash at $ 150 per share.

4. Rodney issues 100 common shares to its lawyer for costs associated with starting the company. At this time, the common shares are selling at $ 42 per share.

5. Rodney reacquired 6,000 shares at $45 per share.

6. Rodney issues shares on a subscription basis, giving each subscriber the right to purchase 300 common shares at a price of $ 65 per share. Fifty individuals accept the company's offer and agree to pay 50% down.

7. The final payment (for the subscriptions) is received and the shares are issued.

Instructions

Prepare the required general journal entries to record these transactions.