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

Paid-In Capital:

Preferred Stock, $92 par, authorized 21,000 shares, 6,000 shares issued..........$ 552,000

Paid-In Capital in Excess of Par Value-Preferred Stock..............................100,000

Common Stock, $29 par, authorized 51,000 shares, 20,000 shares issued...........580,000

Paid-In Capital in Excess of Par Value-Common Stock..............................165,000

Total Paid-In Capital......................................................................$1,397,000

The following transactions occurred in the months of June and July:

201X

June 1 Issued 3,100 shares of preferred stock at $110 per share.

2 Issued 7,100 shares of common stock at $42 per share.

15 Issued 8,000 shares of common stock at $40 per share.

July 2 Issued 5,100 shares of preferred stock at $102 per share.

18 Issued 1,700 shares of common stock in exchange for building and land with fair market value of $61,000 and $55,000, respectively.

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

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