MM corporation had the following transactions
1) aquired land with a building paying $100,000 cash and issuing 1,000 shared of its $100 par value common stock that is actively trade and was slling at $170 per shared
2) the building was demolished and MM paid K Demolition $4,000 MM received $1,500 from the sale of salvage material.
3) the legal fees paid total $6,000 of which $4,500 was for little search for the land and $1,500 for legal work in regard to the construction of the building
4) the total cost of constructon of the building was $300,000
5) the company paid $5,40 for fired insurance covering a three-year period
6) there was a special tax assesment from the township pf $4,500
7) salaries totad $30,000 and consisted of the president salary of $20,000 and $10,000 for the supervisor of construction for the new building
REQUIRED
Prepare all necessary jornal entries and post them to the appropriate ledger accounts