Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and 200,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows:

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.

Journalize the two entries to record the transactions summarized in the trial balance.

Willow Creek Nursery UNADJUSTED TRIAL BALANCE October 1, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash 4,768,000.00 2 Land 819,000.00 3 Buildings 2,029,000.00 4 Preferred 1% Stock, $80 par 2,560,000.00 288,000.00 Paid-In Capital in Excess of Par-Preferred Stock 6 Common Stock, $30 par 4,470,000.00 7 Paid-In Capital in Excess of Par-Common Stock 298,000.00 8 Totals 7,616,000.00 7,616,000.00