Metlock Corporation was organized on January 1, 2017. It isauthorized to issue 10,400 shares of 8%, $100 par value preferredstock, and 534,200 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 80,700 shares of common stock for cash at $7 pershare. |
| Mar. 1 | | Issued 5,960 shares of preferred stock for cash at $112 pershare. |
| Apr. 1 | | Issued 24,550 shares of common stock for land. The asking priceof the land was $91,460; the fair value of the land was$80,700. |
| May 1 | | Issued 80,700 shares of common stock for cash at $9 pershare. |
| Aug. 1 | | Issued 10,400 shares of common stock to attorneys in payment oftheir bill of $53,000 for services rendered in helping the companyorganize. |
| Sept. 1 | | Issued 10,400 shares of common stock for cash at $11 pershare. |
| Nov. 1 | | Issued 990 shares of preferred stock for cash at $114 pershare. |
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.)
