The following transactions relate to the stockholders' equity transactions of Lindsay Corporation for 2016, its first year of existence. Articles of incorporation are filed with the state. The state authorized the issuance of 10,000 shares of 6%, $50 par value preferred stock and 200,000 shares of $1 par value common stock. January 28 40,000 shares of common stock are issued for $15 per share. 70,000 shares of common stock are issued in exchange for land and buildings that have a fair market value of $500,000 and $1,000,000 respectively. There is no reliable market value available for the stocks. February 3 February 24 2,000 shares of common stock are issued to the company's attorney in payment for legal services rendered in connection with incorporation. The company charged the amount to organization costs. The market value of the stock was $17 per share. September 12 Received subscriptions for 1,000 shares of preferred stock at $61 per share. A 40% down payment accompanied the subscriptions. The balance is due on November 1, and shares are not issued until fully paid. September 15 Issued 2,000 shares of preferred stock for $62 per share. October 1Declared and paid dividends of $3 per share for preferred stock, and $0.25 per share for common stock. (Debit retained earnings and credit cash.) November 1 Received the final payment for all 1,000 shares of subscribed preferred stock and issued the shares. INSTRUCTIONS: 1) Prepare journal entries for the above transactions. 2) What is the total legal capital for the company at December 31, 2016