Kingbird Corporation was organized on January 1, 2017. It isauthorized to issue 9,600 shares of 8%, $100 par value preferredstock, and 501,500 shares of no-par common stock with a statedvalue of $1 per share. The following stock transactions werecompleted during the first year.
| Jan.10 | | Issued 80,050 shares ofcommon stock for cash at $6 per share. |
| Mar.1 | | Issued 5,930 shares ofpreferred stock for cash at $113 per share. |
| Apr.1 | | Issued 24,680 shares ofcommon stock for land. The asking price of the land was $90,820;the fair value of the land was $80,050. |
| May 1 | | Issued 80,050 shares ofcommon stock for cash at $8 per share. |
| Aug.1 | | Issued 9,600 shares of commonstock to attorneys in payment of their bill of $50,400 for servicesrendered in helping the company organize. |
| Sept.1 | | Issued 9,600 shares of commonstock for cash at $10 per share. |
| Nov.1 | | Issued 1,100 shares ofpreferred stock for cash at $115 per share. |
Prepare the journal entries to record the above transactions.(Credit account titles are automatically indented whenamount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter 0 for theamounts.)
