Part II. Problems ( 80 points) 1. Equity transactions Presented below is information related to Rollins Company: Instructions: Prepare the general journal entries necessary to record these transactions. 1. 10,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $400,000. The board establishes a stated value of $8 a share for the common stock 2. 8,000 shares of preferred stock, par value $50 are sold for cash at $60 per share. 3. The company issues 200 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $50 per share. 4. Bought 4,000 shares of its common stock at $70 a share. 5. Sold 3,000 treasury shares at $71 a share. 6. Sold 1,000 shares of treasury stock at $60 a share