The following transactions occurred during the first six months of operation for Jackson Corporation:

Jan. 15Articles of incorporation are filed with the state.The state authorized the issuance of

20,000 shares of $100 par value preferred stock and 500,000 shares of $10 par value

common stock.

Feb. 28The attorneys for the corporation accepted 4,000 shares of common stock as payment for

their services rendered in helping the company incorporate.The services are estimated to

have a fair value of $50,000.

May 14Issued 30,000 shares of common stock in exchange for land that has an appraised

value of $350,000.

June 10Issued 10,000 shares of preferred stock for cash at $150 per share.

Required:

Prepare journal entries to record the above transactions for Jackson Corporation.