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Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $50 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 or cash at $5 per share. Mar. 1 - Issued 5,000 shares of preferre stock for cash at $108 per share. Apr. 1 - Issued 24,000 shares of common stock for land. The asking price of the land was $90,000; the fair value of the land was $80,000. May 1 - Issued 80,000 shares of common stock for cash at $7 per share. Aug. 1 - Issued 10,000 shares of common stock o 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 $9 per share. Nov. 1 - Issued 1,000 shares of preferred stock for cash at $112 per share. Prepare the journal entries to record the above transactions.

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