Question (3) Speed Company is authorized to issue 100,000 shares of $100 par value, 8% cumulative preferred stock & 500,000 shares of $1 par value common stock. The following transactions occurred during the year: Jan. 4 Issued for cash 40,000 shares of common stock at $8 per share. Jan. 10 Issued an additional 1,250 shares of common stock to Anthony in exchange for his services in organizing the corporation. The stockholders agreed that these services were worth $10,000. Jan. 15 Issue 3,000 shares of preferred stock for cash of $300,000. Aug. 12 Acquired land in exchange for 20,000 shares of common stock. The directors agreed that the common stock was to be valued for purposes of this transaction at $10 per share. Nov. 25 The first annual dividend of $8 per share was declared on the preferred stock to be paid December 11. Dec. 11 Paid the cash dividend declared on November 25. Instructions Prepare journal entries in general journal form to record the above transactions