A corporation was organized on January 30 of the current year, with an authorization of 20,000 shares of $4 preferred stock, $12 par, and 100,000 shares of $3 par common stock.

Jan. 30 Issued 15,000 shares of common stock at $23 per share for cash.

Feb. 24 Issued 20,000 shares of common stock in exchange for land with a fair market price of $120,000.

Mar. 15 Issued 2,000 shares of preferred stock at $56 for cash.

How to work the problems and do the journal entries