Question
AH Corporation was organized on January 1, 2018. It is authorized to issue 20,000 shares of 8%, $50 par value preferred stock, and 200,000 shares
AH Corporation was organized on January 1, 2018. It is authorized to issue 20,000 shares of 8%, $50 par value preferred stock, and 200,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan.05 Issued 1,000 shares of preferred stocks in cash for $60 per share. Jan. 15 Issued 30,000 shares of common stocks in cash for $100,000. Feb. 01 Issued 200 shares of preferred stocks to attorney in payment for a bill of $17,000 for services. Feb. 15 Issued 75.000 shares of common stock for cash at $4 per share. Mar. 1 Purchased 4,000 common shares at $7. Aug. 2 Issued 8,000 shares of preferred stocks for a patent. The asking price of the patent was $30,000 while the market value of common stock was $5. Sep. 01 Sold 1,000 common shares at $10. Oct. 7 Sold 1,000 common shares at $6. Instructions Journalize the above transactions
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