Rolman Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. In its first year, the company has the following stock transactions. (5) Jan. 10 Issued 400,000 shares of stock at $8 per share. July 1 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8.25 per share. Sept. 1 Purchased 10,000 shares of common stock for the treasury at $9 per share. Dec. 1 Sold 4,000 shares of the treasury stock at $10 per share. 

(a) Journalize the transactions. 

(b) Prepare the stockholders’ equity section assuming the company had retained earnings of $200,000 on December 31.