.Q17 Festus Corporation has been authorized to issue 8,000 shares of $100 par value, 9%, preferred stock and 450,000 shares of no-par common stock with a stated value of $3 per share. Journalize the following stock transactions that were completed during the first year:

June 5 Issued 105,000 shares of common stock for cash at $3 per share.

June 21 Issued 15,000 shares of common stock for Equipment. The asking price of the equipment was $58,500. The fair value of the equipment was $52,000.

July 8 Issued 2,000 shares of preferred stock for cash at $120 per share.

July 17 Issued 8,000 shares of common stock to attorneys for services during incorporation. The amount of services is $28,000

September 20 Issued 65,000 shares of common stock for cash at $5 per share.