Sunland Company was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 550,000 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 80,500 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

Issued 24,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $87,500.

May 1

Issued 85,000 shares of common stock for cash at $4.25 per share.

Aug. 1

Issued 10,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize.

Sept. 1

Issued 10,000 shares of common stock for cash at $6 per share.

Nov. 1

Issued 1,500 shares of preferred stock for cash at $115 per share.

Journalize the transactions.

Problem 11-01A a-c (Video) (Part Level Submission) Sunland Company was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 550,000 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 80,500 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 Issued 24,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $87.500. May 1 Issued 85,000 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize. Sept. 1 Issued 10,000 shares of common stock for cash at $6 per share. Nov. 1 Issued 1,500 shares of preferred stock for cash at $115 per share. Your answer is partially correct. Try again. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 10 Cash Common Stock T Paid-in Capital in Excess of Par-Common Stock 241.500 Cash Preferred Stock 440.000 T Paid in Capital in excess of Par-Preferred Stock Land Common Stock Paid-in Capital in Excess of Par-Common Stock TMay 1 (cash Common Stock Paid-in Capital in Excess of Par-Common Stock 106,250 Aug. 1 Organization Expense 45,000 | Common Stock 30,000 Pald-in Capital in Excess of Par-Common Stock ETODOLO GTHETOOTHRU 15,000 2 Sept. 1 Cash 60,000 | Common Stock 30,000 I Pald-in Capital in Excess of Par-Common Stock Nov. 1 Cash I Preferred Stock 150,000 T Pald-in Capital in Excess of Par-Preferred Stock M