Angel Creek Nursery, with an authorization of 40,000 shares of preferred stock and 150,000 shares of common stock, completed several transactions involving its stock on August 15, the first day of operations. The trial balance at the close of the day follows:

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.
Journalize the two entries to record the transactions summarized in the trial balance.objs. 2, 3, 4, 6

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Cash Land.... Buildings Preferred 2% Stock, $80 par Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $50 par Paid-In Capital in Excess of Par-Common Stock 450,000 100,000 80,000 160,000 20,000 400,000 50,000 630,000 630,000