11-1B MCorp was organized on JAN 1, 2017. It is authorized to issue 20,000 shares of 6%, $40 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. These stock transactions were completed during the first year. Jan10 Issued 100,000 shares of common stock for cash at $3 per share. Mar.1 Issued 10,000 shares of preferred stock for cash at $55 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $90,000. The company's estimate of fair value of the land was $75,000. May1 Issued 75,000 shares of common stock for cash at $4 per share. Aug.1 Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services performed in helping the company organize. Sept.1 Issued 5,000 shares of common stock for cash at $6 per share. Nov.1 Issued 2,000 shares of preferred stock for cash at $60 per share. Instructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (a) Jan 10 Mar 01 (a) Jan 10 Mar 01 Apr 01 May 01 Aug 01 Sept 01 C Aug 01 Sept 01 Nov 01 (b) Preferred Stock Date Explanation Debit Credit Balance Mar 01 x X Nov 01 X X Common Stock Date Explanation Debit Credit Balance Jan 10 X X Apr 01 X X May 01 X X Aug 01 Sept 01 X x X X Paid-In Capital in Excess of Par-Preferred Stock Date Mar 01 Nov 01 Explanation X X Debit X x Credit Balance Paid In Canital in Evence of Dar. Common Stock Paid-In Capital in Excess of Par - Common Stock Date Explanation Debit Jan 10 X X Apr 01 X X May 01 X X Aug 01 X X Sept 01 X X Credit Balance