Problem 1 ABC Corporation was organized on January 1, 2014. It is authorized to issue 300,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 75,000 shares of common stock for cash at $5 per share. Mar. 1 Issued 11,500 shares of common stock to attorney's in payment of their bill for $35,900 for services provided in helping the company organize. Apr. 1 Issued 81,500 shares of common stock for cash at $7 per share. Aug. 1 Issued 20,000 shares of common stock for land. The asking price of the land was $85,000. The company's estimate of the fair market value of the land was $80,000. Sept. 1 Issued 12,000 shares of common stock for cash at $9 per share. Instructions: Journalize the transactions.