Velor Inc. was authorized to issue $550,000$ $$2\mathrm{.}00$ preferred shares and $700,000$ common shares. During March $2023,$ their first month of operations, the following selected transactions occurred:

March $2$ : Gave the corporation's promoters $8,000$ common shares for their services in organizing the corporation. The directors valued the services at $$48,000.$

March $5$ : $10,000$ of the common shares were issued for a total of $$50,000$ cash.

March $7$ : $9,000$ preferred shares and $11,000$ common shares were issued at $$8\mathrm{.}00$ and $$2\mathrm{.}00,$ respectively; cash.

March $20$ : $8,000$ common shares were issued in exchange for land valued at $$8,000.$

March $26$ : Issued $10,000$ common shares at $$3\mathrm{.}50$ per share for cash.

March $29$ : $5,000$ of the preferred shares were issued for a total of $$65,000$ cash.

March $30$ : Issued $13,000$ preferred shares at $$5\mathrm{.}00$ per share for cash.

Prepare journal entries for the above transactions. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd$/$mmm $($i$.$e$.,$ January $15$ would be $15/$Jan$).$