Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January $2023,$ its first month of operations, the following selected transactions occurred:

Jan. $11,000$ shares were issued to the organizers of the corporation. The total value of the shares was determined to be $$13,000.$

$515,000$ shares were sold to various shareholders for $$14\mathrm{.}50$ each.

$15$ The board of directors declared a cash dividend of $$0\mathrm{.}85$ per common share to shareholders of record on January $19,$ payable January $31.$

$204,000$ shares were issued in exchange for a special piece of land with a book value of $$52,000,$ but no determined Fair Market Value. The shares were actively trading on this date at $$12\mathrm{.}50$ per share.

$31$ Closed the Income Summary account, which showed a credit balance of $$175,000.$

$31$ Paid the dividends declared on January $15.$

Required:

a$.$ Journalize the above transactions. The Company does not use a Cash Dividends Account.

Journal entry worksheet

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Record the issuance of shares.