Reference no: EM132661170

Question - Bramble Corporation was organized on January 1, 2020. It is authorized to issue 10,600 shares of 8%, $100 par value preferred stock, and 500,200 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 80,640 shares of common stock for cash at $6 per share.

Mar. 1 Issued 5,850 shares of preferred stock for cash at $111 per share.

Apr. 1 Issued 24,940 shares of common stock for land. The asking price of the land was $90,270; the fair value of the land was $80,640.

May 1 Issued 80,640 shares of common stock for cash at $9 per share.

Aug. 1 Issued 10,600 shares of common stock to attorneys in payment of their bill of $50,500 for services rendered in helping the company organize.

Sept. 1 Issued 10,600 shares of common stock for cash at $11 per share.

Nov. 1 Issued 1,050 shares of preferred stock for cash at $106 per share.

Required - Prepare the journal entries to record the above transactions.