Cocoa Beach Hotels and Resorts had the following transactions during the current period: Feb. 22 Issued 10,000

Question:

Cocoa Beach Hotels and Resorts had the following transactions during the current period:

Feb. 22 Issued 10,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services rendered in helping the company to incorporate.

Mar. 23 Issued 80,000 shares of $1 par value common stock for cash of $400,000.

July 15 Issued 2,000 shares of $100 par value preferred stock for cash at $125 per share.

Dec. 1 Purchased 3,000 shares of treasury stock for $90,000.

Please prepare the necessary journal entries for these transactions.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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,...