Ray Corporation was organized on April 1 of this year, with a charter providing for the following authorized capital:
a. 4,000 shares of preferred 10 percent stock, $ 50 par value
b. 25,000 shares of no-par-value common stock, $ 25 stated value
During the first year of operations, Ray Corporation completed the following transactions:
Apr. 2 Bought land from Ray for $ 160,900. Ray accepted 5,400 shares of common stock for the land.
4 Received subscriptions to 3,500 shares of common stock at $ 28 per share, collecting 45 percent of the subscription price.
6 Issued 150 shares of common stock to Ray at $ 28 per share in return for organizational services.
10 Subscribers to 3,500 shares of common stock paid an additional 35 percent of the subscription price.
13 Paid an attorney $ 5,350 for performing services and for reimbursement of state fees needed for incorporating the firm.
14 Received subscriptions to 950 shares of preferred 10 percent stock at $ 52 per share, collecting 20 percent of the subscription price.
21 Subscribers to 3,500 shares of common stock paid the remaining 20 percent of the subscription price; Ray Corporation then issued the stock.
May 9 Received subscriptions to 4,000 shares of common stock at $ 28 per share, collecting 60 percent of the subscription price.
17 Subscribers to 950 shares of preferred 10 percent stock paid an additional 50 percent of the subscription price.
23 Sold 350 shares of preferred 10 percent stock at $ 54 per share for cash.

Required
Record the transactions in general journal form.