United Rentals Corporation is authorized to issue 100,000 shares of 5%, $60 par value preferred stock and 5,000,000 shares of no-par common stock with a stated value of $3 per share. During 2018, its first year of operation, the company has the following transactions.

Jan. 1 Issued 15,000 shares of preferred stock for cash at $106 per share.

Jan. 15 Issued 500,000 shares of common stock for cash at $8 per share.

Mar. 2 Issued 20,000 shares of common stock for land. The land had an

asking price of $300,000. The stock is currently selling

on a national exchange at $14 per share.

Apr. 30 Issued 4,000 shares of common stock to attorneys in payment of

their bill for $50,000 for legal services rendered in helping the

company incorporate.

Sept. 5 Purchased 10,000 shares of its own common stock at

$15 per share.

Dec. 6 Sold 8,000 shares of the treasury stock at $16 per share.

Dec. 10 Sold the remaining treasury stock for $14 per share.

INSTRUCTIONS

Journalize the transactions for United Rentals Corporation.