Herrera Corporation is authorized to issue 40,000 shares of $ 55 par-value common stock . Record the

Question:

Herrera is authorized to issue 40,000 shares of $ 55 par-value . Record the following transactions in general journal form:
Feb. 10 Sold 12,500 shares of at $ 57 per share; received cash.
27 Issued 5,000 shares of in exchange for land with a fair market value of $ 102,000 and a building with a fair market value of $ 180,250.
Mar. 3 Sold 5,600 shares of at $ 58 per share; received cash.

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... 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...