Reference no: EM1364252
2. (Recording the Issuance of Common and Preferred Stock) Kathleen Battle Corporation was organized on January 1, 2003. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 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 80,000 shares of common stock for cash at $5
per share.
Mar. 1 Issued 5,000 shares of preferred stock for cash at $108
per share.
Apr. 1 Issued 24,000 shares of common stock for land. The
asking price of the land was $90,000; the fair market
value of the land was $80,000.
May 1 Issued 80,000 shares of common stock for cash at $7
per share.
Aug. 1 Issued 10,000 shares of common stock to attorneys in
payment of their bill of $50,000 for services rendered
in helping the company organize.
Sep. 1 Issued 10,000 shares of common stock for cash at $9
per share.
Nov. Issued 1,000 shares of preferred stock for cash at $112
per share.
Prepare the journal entries to record the above transactions.
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