Presented below is information related to Sameer Company:

1. The company is granted a charter that authorizes issuance of 30,000 shares of $100 par value preference shares and 80,000 shares of no-par ordinary shares.

2. 4,000 ordinary shares are issued to the founders of the corporation for land valued by the board of directors at $150,000. The board establishes a stated value of $5 a share for the ordinary shares.

3. 10,000 preference shares are sold for cash at $120 per share.

4. The company issues 100 ordinary shares to its attorneys for costs associated with starting the company. At that time, the ordinary shares were selling at $60 per share.

Instructions

Prepare the general journal entries necessary to record these transactions.