2. XYZ Corporation is authorized to issue 100,000 shares $ 3 stated value common stock and 50,000 shares of $ 5 par value preferred stock.

1. XYZ Corporation issued 10,000 shares common stock for $ 50,000.00. cash. XYZ Corporation issued 5,000 shares preferred stock for $ 55,000.00 cash.

2. XYZ Corporation issued 5000 shares of common stock to its attorneys in payment of $ 25,000 legal fees in helping to organize the corporation.

3. XYZ Corporation issued 15,000 shares of common stock for land, which had an asking price of $ 100,000.00. The market value of the land is

$ 105,000.00. The common stock had a market value of $6 per share.

Prepare the necessary journal entries to record the above transactions.