Hayslett Corporation was organized on January 1,2006. It is authorized to issue 20.000 shares of 6%. $50 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.

Instructions

(a) Journalize the transactions.

(b) Post to the stockholders' equity accounts. (Use Jl as the posting reference.)

(c) Prepare the paid-in capital section of stockholders' equity at December 31, 2006.

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Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1 Issued 100,000 shares of common stock for cash at $3 per share. Issued 10,000 shares of preferred stock for cash at $55 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $90,000. The company's estimate of the fair market value of the land was $85,000. Issued 75,000 shares of common stock for cash at $4 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services provided in helping the company organize. Issued 5,000 shares of common stock for cash at $6 per share. Issued 2,000 shares of preferred stock for cash at $58 per share.