Yang Inc. was organized on January 1, 2020. It is authorized to issue an unlimited number of common shares and 100,000 preferred shares with a $4 dividend. The following share transactions were completed during the first year: 

Jan. 10 Issued 200,000 common shares for cash at $23 per share. 

Mar. 1 Issued 17,000 preferred shares for cash at $119 per share. 

Apr. 1 Issued 3,000 common shares for land. The asking price for the land was $67,000; its fair value was $60,000. 

May 1 Issued 20,000 common shares for cash at $18 per share. 

Aug. 1 Issued 1,000 common shares to lawyers in payment of their bill of $19,000 for services rendered in helping the company incorporate. 

Sept. 1 Issued 32,500 common shares for cash at $16 per share. 

Nov. 1 Issued 1,500 preferred shares for cash at $125 per share. 

Instructions 

Prepare the journal entries to record the above transactions.