account titles and explanations debit credit

1 land 140000
preferred stock 120000
Paid - in capital in excess of par value - Prefered stock 20000
(being preferred stock issued for land)

2 cash 2800000
common stock 1000000
Paid - in capital in excess of stated value - common stock 1800000
(being common stock issued for cash)

3 treasury stock - common 16500

cash 16500
(being treasury stock purchased for cash

4 cash 7000
treasury stock - common 5500
Paid in capital from treasury stock 1500
(being treasury stock sold for cash)
calculations

1500*11

500*14