Reference no: EM132771902
Problem 1: Journal entries for the following 5 transactions of Delta Corporation.
1. On January 1, Delta Corporation issued 1,000 shares of $500 par stock for $550 each.
2. On January 15, Delta Corporation issued 10,000 shares of $250 par stock for $300 each.
3. On January 30, Delta Corporation issued 100 shares of $25 par stock to a lawyer in exchange for Organizational services worth $7,000.
4. On July 2nd, Delta Corporation issued 10,000 shares of $50 par stock in exchange for Land worth $800,000.
5. On Sept 5th, Delta Corporation bought back shares worth $135,000 for cash.
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