Question 1 of 2 View Policies < > 14.97/50 EI Show Attempt History Current Attempt in Progress Ayayal Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 521,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 81.500 shares of common stock for cash at $6 per share. Mar 1 Issued 4,400 shares of preferred stock for cash at $105 per share. Apr. 1 May 1 Aug 1 Sept. 1 Nov. 1 Issued 22.500 shares of common stock for land. The asking price of the land was $90,500. The fair value of the land was $89,000. Issued 80,000 shares of common stock for cash at $4.25 per share. Issued 11.500 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in helping the company organize. Issued 11.500 shares of common stock for cash at $7 per share. Issued 3,000 shares of preferred stock for cash at $110 per share. (a) Your answer is partially correct Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem, Credit account titles are automatically indented when amount is entered. Do not indent manually.) Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) ate Account Titles and Explanation 10 Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit Credit 4,890,000 462,000 2,445,000 2,445,000 440,000 22,000