Dakota Equipment, Inc issued 4,000 shares of its $1 par value common stock for $20 per share on January 1, 2008. On the same day, the company purchased a piece of land valued at $11,000 and a building valued at $50,000. The yearly depreciation on the building is $3,000.
Required: Prepare the general journal entries to record the stock issue and the purchase of the land and building on January 1 and the depreciation expense on December 31, 2008.