12. Ref. #12 above. On March 20 , Carlos Corporation issues 5,000 shares of common stock to attorneys in settlement of their bill of $50,000 for organization costs. Journalize the issuance of the shares, assuming the stock is not publicly traded. 13. Tele Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During its first year of operation, issued on May 1,100,000 shares of common stock for land, which had an asking price of $900,000. The stock is selling on a national exchange at $8 per share. Journalize the purchase of land with common stock. 14. Assume that on January 1, 2023, the directors of Carlos Corporation declare a 75 cents per share cash dividend on 100,000 shares of $10 par value common stock. Journalize the entry to record the declaration of dividends. 15. On February 20, Carlos Corporation makes the cash dividend payments to the stockholders. Record the payment transaction. 16. On January 1, 2022, Carlos, Inc. sells $100,000, five-year, 10% bonds for $92,639 of face value. Interest is payable annually on January 1 . Journalize the issuance of the bond. 17. Compute the total cost of borrowing the $100,000 bond at discount, \#16 above. 18. Carlos Inc. acquired 5% of the 400,000 shares of common stock of Tele Corp. at a total cost of $7 per share on June 25, 2022. Prepare the journal for acquiring the 5% of Tele Corp. 19. Ref. \#18 above. On September 30, Tele Corp. declared and paid a $80,000 dividend. Record the cash dividend for Carlos Inc. 20. Carlos Corporation purchased debt investments for 100,000 on January 1,2023 . Journalize the purchase of debt. 12. Ref. #12 above. On March 20 , Carlos Corporation issues 5,000 shares of common stock to attorneys in settlement of their bill of $50,000 for organization costs. Journalize the issuance of the shares, assuming the stock is not publicly traded. 13. Tele Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During its first year of operation, issued on May 1,100,000 shares of common stock for land, which had an asking price of $900,000. The stock is selling on a national exchange at $8 per share. Journalize the purchase of land with common stock. 14. Assume that on January 1, 2023, the directors of Carlos Corporation declare a 75 cents per share cash dividend on 100,000 shares of $10 par value common stock. Journalize the entry to record the declaration of dividends. 15. On February 20, Carlos Corporation makes the cash dividend payments to the stockholders. Record the payment transaction. 16. On January 1, 2022, Carlos, Inc. sells $100,000, five-year, 10% bonds for $92,639 of face value. Interest is payable annually on January 1 . Journalize the issuance of the bond. 17. Compute the total cost of borrowing the $100,000 bond at discount, \#16 above. 18. Carlos Inc. acquired 5% of the 400,000 shares of common stock of Tele Corp. at a total cost of $7 per share on June 25, 2022. Prepare the journal for acquiring the 5% of Tele Corp. 19. Ref. \#18 above. On September 30, Tele Corp. declared and paid a $80,000 dividend. Record the cash dividend for Carlos Inc. 20. Carlos Corporation purchased debt investments for 100,000 on January 1,2023 . Journalize the purchase of debt