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Record a journal entry for each transaction

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Reference no: EM132866763

Problem - Morris had the following transactions during 2016:

a. Issued 2,000 shares of $10 par common stock for cash at $17per share.

b. Issued 1,000 shares of preferred stock to acquire land. The preferred stock has a par value of $5 per share. The land has been appraised at $7,000.

c. Issued 5,000 shares of $10 par common stock as payment to a company that provided advertising for the company. The stock was selling on the stock exchange at $12 per share at the time of issuance.

Required - Record a journal entry for each transaction.

Reference no: EM132866763

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