Presented below is information related to Sarasota Company:

The company is granted a charter that authorizes the issuance of $15,000$ shares of $$100$ par value preferred stock and $40,000$ shares of no$-$par common stock.

$7,500$ shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $$290,000.$ The board establishes a stated value of $$10$ a share for the common stock.

$5,800$ shares of preferred stock are sold for cash at $$110$ per share.

The company issues $160$ shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $$65$ per share.

Prepare the general journal entries necessary to record these transactions. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$1.$