Sunland Corporation was organized on January $1,2027.$ It is authorized to issue $15,000$ shares of $8\%,$$$100$ par value preferred stock,

and $456,000$ shares of no$-$par common stock with a stated value of $$2$ per share. The following stock transactions were completed

during the first year.

Jan. $10$ Issued $79,000$ shares of common stock for cash at $$4$ per share.

Mar. $1$ Issued $5,000$ shares of preferred stock for cash at $$110$ per share.

Apr. $1$ Issued $23,500$ shares of common stock for land. The asking price of the land was $$94,500.$ The fair value of the land

was $$87,500.$

May $1$ Issued $77,500$ shares of common stock for cash at $$5\mathrm{.}25$ per share.

Aug. $1$ Issued $11,000$ 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 $11,000$ share of common stock for cash at $$5$ per share.

Nov. $1$ Issued $2,000$ shares of preferred stock for cash at $$113$ per share.

$($a$)$

Journalize the transactions. $($Record journal entries in the order presented in the problem. Credit account titles are automatically

indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for

the amounts. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit