Reference no: EM132132901

Question - Monty Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 550,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.

Jan.10 Issued 80,500 shares of common stock for cash at $6 per share.

Mar.1 Issued 4,400 shares of preferred stock for cash at $105 per share.

Apr.1 Issued 24,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $87,500.

May.1 Issued 85,000 shares of common stock for cash at $4.25 per share.

Aug.1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize.

Sept.1 Issued 10,000 shares of common stock for cash at $6 per share.

Nov.1 Issued 1,500 shares of preferred stock for cash at $115 per share.

Journalize the transactions.