Cash and Noncash Share Issuances Guild Corporation was organized on June 1. The company's charter authorizes 500,000 shares of $5 par value common stock. On July 1, the attorney who helped organize the corporation accepted 1,050 shares of Guild common stock in settlement for the services provided (the services were valued at $13,300). On July 15, Guild issued 8,750 common shares for $113,750 cash. On September 15, Guild issued 3,500 common shares to acquire a vacant land site appraised at $49,000 Prepare the journal entries to record the stock issuances on July 1, July 15, and September 15. General Journal Description Date Debit Credit July 1 Common stock Issued common shares in exchange for legal services. July 15 Common stock Issued common shares for cash. Sept. 15 Common stock Issued common shares for land