EX 13.07

eBook Print Item Issuing Stock Willow Creek Nursery, with an authorization of 21,000 shares of preferred stock and 220,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: Cash 448,400 Land 110,000 Buildings 222,800 Preferred 2% Stock, $100 par 320,000 Paid-In Capital In Excess of Par-Preferred Stock 12,800 Common Stock, $40 par 304,000 Paid-In Capital In Excess of Par-Common Stock 144,400 781,200 781,200 All shares within each class of stock were sold at the same price. The preferred stock was Issued in exchange for the land and buildings. Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. If an amount box does not require an entry, leave it blank. 1. 2