Abernathy Corporation was organized on January 1, 2019. It is authorized to issue 10,000 shares of 8%,

Question:

Abernathy was organized on January 1, 2019. It is authorized to issue 10,000 shares of 8%, $50 preference shares, and 500,000 shares of no-par ordinary shares with a stated value of $2 per share. The following share transactions were completed during the first year.
Jan. 10 Issued 80,000 ordinary shares for cash at $5 per share.
Mar. 1 Issued 5,000 preference shares for cash at $108 per share.
Apr. 1 Issued 24,000 ordinary shares 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 ordinary shares for cash at $7 per share.
Aug. 1 Issued 10,000 ordinary shares to attorneys in payment of their bill of $50,000 for services rendered in helping the company organize.
Sept. 1 Issued 10,000 ordinary shares for cash at $9 per share.
Nov. 1 Issued 1,000 preference shares for cash at $112 per share.
Instructions
Prepare the journal entries to record the above transactions.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...