Sunland Company was organized on January 1, 2022. 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.

Journal entries

Jan, 10 Cash 483,000 Debit

Common Stock 241,500 Credit

Paid in Capital in excess of stated value-Common Stock 241,500 Credit

Mar. 1 Cash 462,000 Debit

Preferred Stock 440,000 Credit

Paid in Capital in excess of Par-Preferred Stock 22,000 Credit

Apr.1 Land 87,500 Debit

Common stock 73,500 Credit

Paid in Capital in Excess of Stated Value- Common Stock 14,000 Credit

May 1 Cash 361,250 Debit

Common Stock 255,000 Credit

Paid in Capital in Excess of Stated Value- Common Stock 106,250 Credit

Aug.1 Organization expense 45,000 Debit

Common Stock 30,000 Credit

Paid in Capital in Excess of Stated Value- Common Stock 15,000 Credit

Sept, 1 Cash 60,000 Debit

Common Stock 30,000 Credit

Paid in Capital in Excess of Par-preferred Stock 22,500 Credit

Nov. 1 Cash 172,500 Debit

Preferred Stock 150,000 Credit

Post to the stockholders equity accounts.