Barton Corporation began operations on January |, 2008. The following transactions relating to stock- oO holders’ equity occurred in the first two years of the company’s operations.
2008 DP1I3 Jan. 1 Authorized the issuance of 2 million shares of \($5\) par value common stock and 100,000 shares of \($100\) par value, 10% cumulative, preferred stock.
Jan. 2 Issued 200,000 shares of common stock for \($12\) cash per share.
Jan. 3. Issued 100,000 shares of common stock in exchange for a building valued at \($820,000\) and merchandise inventory valued at \($380,000\).
Jan. 4 Paid \($10,000\) cash to the company’s founders for organization activities.
Jan. 5 Issued 12,000 shares of preferred stock for \($110\) cash per share.
2009 June 4 Issued 100,000 shares of common stock for \($15\) cash per share.
Required

1. Prepare journal entries to record these transactions.
2. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2008, and December 31, 2009, based on these transactions.
3. Prepare a table showing dividend allocations and dividends per share for 2008 and 2009 assuming Barton declares the following cash dividends: 2008, \($50,000,\) and 2009, \($300,000.\)
4. Prepare the January 2, 2008, journal entry for Barton’s issuance of 200,000 shares of common stock for \($12\) cash per share assuming

a. Common stock is no-par stock without a stated value.

b. Common stock is no-par stock with a stated value of \($10\) per share.