Yang Inc. was organized on January $1,2023.$ It is authorized to issue an unlimited number of common shares and $100,000$ preferred shares with a $$4$ dividend. The following share transactions were completed during the first year:

Jan.

$10$

Issued $200,000$ common shares for cash at $$23$ per share.

Mar.

$1$

Issued $17,000$ preferred shares for cash at $$119$ per share.

Apr.

$1$

Issued $3,000$ common shares for land. The asking price for the land was $$67,000$; its fair value was $$60,000.$

May

$1$

Issued $20,000$ common shares for cash at $$18$ per share.

Aug.

$1$

Issued $1,000$ common shares to lawyers in payment of their bill of $$19,000$ for services rendered in helping the company incorporate.

Sept.

$1$

Issued $32,500$ common shares for cash at $$16$ per share.

Nov.

$1$

Issued $1,500$ preferred shares for cash at $$125$ per share.

Instructions

Prepare the journal entries to record the above transactions.