The following is the Paid-In Capital section of stockholders’ equity for the Gracie Corporation on June 1, 201X:

Paid-In Capital:

Preferred Stock, $98 par, authorized 19,000 shares, 6,000 shares issued.....$ 588,000

Paid-In Capital in Excess of Par Value—Preferred Stock...............................130,000

Common Stock, $23 par, authorized 52,000 shares, 19,000 shares issued...437,000

Paid-In Capital in Excess of Par Value—Common Stock...............................150,000

Total Paid-In Capita........................$1,305,000

The following transactions occurred in the months of June and July:

201X

June 1 Issued 3,100 shares of preferred stock at $102 per share.

2 Issued 7,500 shares of common stock at $34 per share.

15 Issued 7,900 shares of common stock at $40 per share.

July 2 Issued 4,900 shares of preferred stock at $106 per share.

18 Issued 1,600 shares of common stock in exchange for building and land with fair market value of $63,000 and $53,000, respectively.

1. Journalize the entries and update the stockholders’ equity ledger.

2. Prepare a new Paid-In Capital section of stockholders’ equity as of July 31, 201X.