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Prepare general journal entries to record transactions

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Reference no: EM133126118

Question - Presented below is information related to Red Ball Freight and Trucking Company:

1. The company is granted a charter that authorizes issuance of 100,000 shares of $25 par value preferred stock and 300,000 shares of no-par common stock.

2. 25,000 shares of common stock are issued to the founders of the corporation for land valued by an independent appraisal at $750,000. The board established a stated value of $18 a share for the common stock.

3. 10,000 shares of preferred stock are sold for cash at $30 per share.

4. The company issues 2,000 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $20 per share.

Required - Prepare the general journal entries necessary to record these transactions.

Reference no: EM133126118

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