(1)&nbspAn accounting intern recently made the followingentries

(1) An accounting intern recently made the followingentries.May 2  Cash  $140,000  Common Stock  $140,000  (Issued10,000 shares of common stock of $10 stated value at $14 per share.)May 10  Cash  $700,000    Preferred Stock   $700,000  (Issued10,000 shares of $50 par value preferred stock for $70 per share.)May 15  CommonStock  $20,000  Cash  $20,000  (Purchased1,000 shares of common stock for the treasury for $20 per share.)May 31   Cash  $12,500  CommonStock  $10.000  Gainon Sale of Stock  $2,500   (Sold500 shares of treasury stock at $25 per share.)  Based upon the explanation, make the correct entry for eachof the above entries. No further explanation required.DateAccountDr.Cr.(2) Mary Me Not Corporation has $10 par value commonstock is actively traded at a market price of $20 per share.  Mary issues 5,000 shares to purchase landadvertising for sale at $120,000. Journalize the issuance of the stock in exchange for the land.(3) On August 15, Joe Rainey Corporation purchases500 shares of par value common stock for the treasury at a cash price of $10per share.  On November 19, it sells 300shares of the treasury stock for $15 per share. Journalize the two transactions.(4) In and Out Retailers sell 2,000 shares of $200par value preferred stock for $220 each. Journalize the entry.

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