Prepare in good form the journal entry to record each of the following transactions on the books

Question:

Prepare in good form the journal entry to record each of the following transactions on the books of ABC.

January 10, 2009: ABC is incorporated by issuing $50,000 of common stock to each of the three owners.

January 12, 2009: ABC borrows $100,000 at the local bank.

January 15, 2009: ABC pays $200,000 cash to buy ten acres of land.

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...