The New England Patriots sell deflated footballs, and were organized on March 1 of the current year with an authorization of 25,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:

March 1: Issued 220,000 shares of common stock at par for cash.

1: Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

May 31: Issued 70,000 shares of common stock in exchange for land, buildings and equipment with fair market prices of $150,000, $560,000 and $165,000 respectively.

July 1: Issued 18,000 shares of preferred stock at $110 for cash.

Journalize the transactions.