(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 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 \(90,000; the fair value of the land was \)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.
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.
