that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock.2.8,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $300,000. The board establishes a stated value of $5 a share for the common stock.3.5,000 shares of preferred stock are sold for cash at $120 per share.4.The company issues 100 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $60 per share.InstructionsPrepare the general journal entries necessary to record these transactions.
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