Wildwood Nursery, with an authorization of 50,000 shares of preferred stock and 400,000 shares of common stock, completed several transactions involving its stock on June1, the first day of operations. The trial balance at the close of the day follows:

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.Journalize the two entries to record the transactions summarized in the trialbalance.

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1,584,000 350,000 910,000 ..... Cash Land Buildings Preferred 3% Stock, $120 par............ .... 1,200,000 Paid-In Capital in Excess of Par-Preferred .......... Stock.. 60,000 1,500,000 Common Stock, $50 par... Paid-In Capital in Excess of Par-Common Stock. 2,844,000 2,844,000