Wetland Corporation was organized on January 1, 1998. 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 \(\$ 2\) per share. The following stock transactions were completed during the first year:

\section*{Instructions}

(a) Journalize the transactions.

(b) Post to the stockholders' equity accounts. (Use \(\mathrm{T}\) accounts.)

(c) Prepare the paid-in capital section of stockholders' equity at December 31, 1998.

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Jan. 10 Issued 80,000 shares of common stock for cash at $3 per share. Mar 1 Issued 5,000 shares of preferred stock for cash at $104 per share. May 1 Issued 80,000 shares of common stock for cash at $4 per share. Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $108 per share.