1. On May 10, a company issued for cash 1500 shares of no par common stock (with a stated value of $2) at $10/share. On May 15, the company issued 2000 shares of $15 par preferred stock for $50/share.

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2. On May 16, ABC issued 10,000 shares of no-par common stock for $100,000. Journalize this transaction.

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3. On April 10, XYZ acquired land with a current market value of $100,000 in exchange for 100 shares of $20 par common stock.

a)The Fair market value of the stock is unknown.

b) The Fair market value of the stock is $90/share

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4.

Prepare the required entries for a cash dividend of $50,000.

Date of Declaration - January 15; Date of Record - February 15; Date of Payment -- March 15

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5. Vincent Corporation has 100,000 shares of $100 par common stock outstanding. On June 30, they declared a 5% stock dividend to be issued on July 30 to stockholders of record as of July 15. The market price of the stock was $130/ share on June 30. Journalize the required entries on June 30, July 15 and July 30.