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XYZ Corporation is authorized to issue 1,000,000 shares of $5 par value common stock

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XYZ Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. In its first year, the company has the following stock transactions.   

Jan. 10 Issued 400,000 shares of stock at $5 per share.

July. 1 Issued 100,000 shares of stock for land. The land had an asking price of $800,000.

The stock is currently selling on a national exchange at $8.25 per share.

Sept. 1    Purchased 10,000 shares of common stock for the treasury at $9 per share.

Dec. 1     Sold 4,000 shares of the treasury stock at $10 per share.

Instructions: Journalize the transactions above.

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