The Star Light Corporation was organized in January 2020. The company authorized to issue 10,000 shares of 8% $50 par value preference shares and 500,000 ordinary shares of $2 par value. The following share transactions were completed during the year. (Book)

Jan 10 Issued for cash 80,000 ordinary shares of $2 par value for $5 a share

Mar 1 Issued for cash 5,000 preference shares of $50 par value for $108 a share

Apr. 1 Issued 24,000 ordinary shares of $2 par value for land with a fair value of 80,000.

Aug. 1 Issued 10,000 ordinary shares of $2 par value to attorneys for payment of $50,000 organization costs incurred for the organization of the company.

Required

Prepare the journal entries to record the above transactions