Prytania Corporation is authorized to issue 1,000,000 shares of $5 par value common stock and 250,000 shares of $50 par value preferred stock. During 2017, its first year of operation, the company has the following stock transactions.

Jan. 15 Issued 500,000 shares of common stock at $6 per share.

Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $7,000.

July 2 Issued 100,000 shares of common stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share.

Sept. 5 Issued 5,000 shares of preferred stock for $65 per share.

Instructions: Journalize the transactions for Prytania Corporation.