1.Patton Company sold 8 million shares of its $ 1 par common stock to provide funds for research and development.If the issue price is $ 12 per share, what is the journal entry to record the sale of the shares?

2.Dividends paid must first satisfy____a__agreements before any distribution can be made to_____b____.

a. 1.common stockholder b. 1. common stockholder

2.capital stock 2. capital stock

3.preferred stock 3.preferred stock

4.capital stockholder 4. capital stockholder

3.Transit Corporation issued 5,000 shares of stock for $ 7,500.Par value is $ 1.Record the journal entry for the issuance of this stock.

4.During its first year of operations, Criswell Inc, completed the following transactions relating to shareholders' equity:

January 5: Issued 300,000 of its common shares for $ 8 per share and 3,000 preferred shares at $ 110.

February 12:Issued 50,000 shares of common stock in exchange for equipment with a known cash price of $ 310,000.

The articles of incorporation authorize 5,000,000 shares with a par value of $1 per share of common and 1,000,000 preferred shares with a par value of $100 per share.

Required:Record the above transactions in general journal form for January 5 and February 12.