(recording the issuance of common and preferred stock) Kathleen Battle Corporation was organized on January...
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Accounting
(recording the issuance of common and preferred stock)
Kathleen Battle Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares at 8%, $100 par value perferred 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
March 1 - issued 5,000 shares of perferred stock for cash at $108 share
April 1 - issued 24,000 shares of common stock for land. The asking price of the land was $90,000, the fair value of the land was s$80,000
May 1 - Issued 80,000 shares of common stock for cas 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.
Sept 1 - issued 10,000 shares of common stock for cash at $9 per share
Nov. 1 - issued 1,000 shares of preferred stock for cash at $112 per share
Instructions: Prepare the journal entries to record the above transactions
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