Reference no: EM132784043

Sheridan Company was organized on January 1, 2022. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 477.000 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 80,500 shares of common stock for cash at $4 per share. Issued 4.550 shares of preferred stock for cash at $105 per share.
mar 1- Issued 24,500 shares of common stock for land. The asking price of the land was $92,500. The fair value of the land was $85,000.
April 1- Issued 80,000 shares of common stock for cash at $5.00 per share.
May1- Issued 10.000 shares of common stock to attorneys in payment of their bill of $44,500 for services performed in helping the company organize.
Aug 1- Issued 11.500 shares of common stock for cash at $7 per share. Issued 2,500 shares of preferred stock for cash at $114 per share.

Problem 1: Journalize the transactions.