QUESTION 12 Moses Corporation was organized early in 2016. The articles of incorporation authorize 60,000 shares of $100 par value, 10% cumulative preferred stock and 800,000 shares of $5 par value common stock. The following transactions affecting stockholders equity were completed during the first year:

1. Issued 2,000 shares of preferred stock at par value as payment in exchange for legal services. 2. Issued 10,000 shares of common stock at $20 per share and 1,000 shares of preferred stock at par. 3. Exchanged 100,000 shares of common stock for land with an appraised value of $400,000 and a building with an appraised value of $650,000 4. Declared the required cash dividend on preferred stock and a $2 per share dividend on common stock. 5. Closed the $450,000 credit balance in the Income Summary Account. Required: a. Prepare journal entries to record these transactions (10 Marks)