1. 2. The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock. 7,500 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $310,000. The board establishes a stated value of $10 a share for the common stock. 6,000 shares of preferred stock are sold for cash at $110 per share. The company issues 130 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $55 per share. 3. 4. Prepare the general journal entries necessary to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b) (c) (d) Bonds Payable Buildings Cash Common Stock Common Stock Dividend Distributable Debt Investments Dividends Payable Discount on Bonds Payable Equipment Equity Investments Income Summary Land Legal Fees Expense No Entry Organization Expense Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par - Common Stock Paid-in Capital in Excess of Par - Preferred Stock Paid-in Capital in Excess of Stated Value - Commor Preferred Stock Property Dividends Payable Retained Earnings Retained Earnings Appropriated for Plant Expansion Share Capital-Ordinary Share Capital-Preference Share Premium-Conversion Equity Share Premium-Ordinary Share Premium-Preference Treasury Stock Unamortized Bond Issue Costs Unrealized Holding Gain or Loss - Income