Task: Presented below is information related to Rollins Company.
1) The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no par stock.
2) 8,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors a $300,000. The board establishes a stated value of $5 a share for common stock
3) 5,000 shares of preferred stock are sold for cash at $120 per share
4) The company issues 100 shares of common stock to its attorneys for costs associated with starting the company. At that time the common stock was selling at $60 a share.
Prepare the journal entries necessary to record these transactions.