The following is the Paid-In Capital section of stockholders' equity for the Akebono Corporation on June 1, 201X:

Paid-In Capital:

Preferred Stock, $96 par, authorized 23,000 shares, 6,000 shares issued.........$ 576,000

Paid-In Capital in Excess of Par Value-Preferred Stock.............................105,000

Common Stock, $27 par, authorized 52,000 shares, 24,000 shares issued..........648,000

Paid-In Capital in Excess of Par Value-Common Stock.............................160,000

Total Paid-In Capital....................................................................$1,489,000

201X

June 1 Issued 2,900 shares of preferred stock at $100 per share.

2 Issued 7,400 shares of common stock at $44 per share.

15 Issued 7,700 shares of common stock at $42 per share.

July 2 Issued 5,300 shares of preferred stock at $108 per share.

18 Issued 2,000 shares of common stock in exchange for building and land with fair market value of $63,000 and $50,000, respectively.

1. Journalize the preceding entries and update the stockholders' equity ledger.

2. Prepare a new Paid-In Capital section of stockholders' equity as of July 31, 201X.