Vaughn Corporation was organized on January 1, 2017. It is authorized to issue9,900shares of 8%, $100par value preferred stock, and533,900shares of no-par common stock with a stated value of $1per share. The following stock transactions were completed during the first year.

Jan. 10	Issued80,970shares of common stock for cash at $6per share.
Mar. 1	Issued5,600shares of preferred stock for cash at $111per share.
Apr. 1	Issued24,810shares of common stock for land. The asking price of the land was $92,000; the fair value of the land was $80,970.
May 1	Issued80,970shares of common stock for cash at $8per share.
Aug. 1	Issued9,900shares of common stock to attorneys in payment of their bill of $47,000for services rendered in helping the company organize.
Sept. 1	Issued9,900shares of common stock for cash at $10per share.
Nov. 1	Issued1,010shares of preferred stock for cash at $123per share.

Prepare the journal entries to record the above transactions.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)