The Wetland Corporation was organized on January 1, 1996. It is authorized to issue 10,000 shares of \(8 \%, \$ 100\) par value preferred stock, and 500,000 shares of no-par common stock with a stated value of \(\$ 2\) per share. The following stock transactions were completed during the first year:

Jan. 10 Issued 80,000 shares of common stock for cash at \(\$ 3\) per share.

Mar. 1 Issued 5,000 shares of preferred stock for cash at \(\$ 104\) per share.

Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was \(\$ 90,000\); the fair market value of the land was \(\$ 80,000\).

May 1 Issued 80,000 shares of common stock for cash at \(\$ 4\) per share.

Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of \(\$ 50,000\) for services rendered in helping the company organize.

Sept. 1 Issued 10,000 shares of common stock for cash at \(\$ 5\) per share.

Nov. 1 Issued 1,000 shares of preferred stock for cash at \(\$ 108\) per share.

\section*{Instructions}

(a) Journalize the transactions.

(b) Post to the stockholders' equity accounts. (Use \(\mathrm{J} 5\) as the posting reference.)

(c) Prepare the paid-in capital section of stockholders' equity at December 31, 1996.