(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.