TLC Company started in January being allowed to issue both ordinary and preference shares with its ordinary share having a stated value of \$20 per share and the preference share having a par value of \$1,000 per share. The following transactions took place; 1) Issued 100,000 ordinary shares for cash at $48 per share 2) Issued 5,000 preference shares for cash at $1,050 per share 3) Issued 18,000 ordinary shares for land. The asking price of the land was $980,000 and its fair value was $920,000. 4) Issued 80,000 ordinary shares for cash at $45 per share 5) Issued 10,000 ordinary shares to lawyers in payment of their bill of $320,000 for services provided to organize TLC Company 6) Issued 10,000 ordinary shares for cash at $50 per share 7) Issued 1,000 preference shares for cash at $1,060 per share Instructions: Journalize all the 7 preceding transactions