Reference no: EM132648661

Question 1: Prepare corporation journal entry

Hamilton Corporation was authorized to issue 20,000 shares of $100 par value, 5% preferred stock and 50,000 share of $1 par common stock. Record the following transactions:

1. Issued 5,000 shares of common stock for $40 per share
2. Issued 500 shares of common stock at $19 per share for services rendered in connection with the organization of the company
3. Issued 5,000 shares of common stock for a building on which the asking price was $325,000. Market value of the stock was $50. Management wishes to record the land at the market price of the stock.
4. Issued 1,000 shares of Preferred stock at $125 per share
5. Issued 6,000 shares of common stock for $40 per share
6. Issued 8,000 shares of preferred stock for $130 per share