Exercise 12-03 Novak Corp. had the following transactions. Sold land (cost $7,440) for $9,300. Issued common stock at par for $23,900. Recorded depreciation on buildings for $14,600. Paid salaries of $6,300. Issued 1,500 shares of $1 par value common stock for equipment worth $9,200 Sold equipment (cost $14,200, accumulated depreciation $9,940) for $1,704. 1. 2. 3. 4. 5. 6. For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation . Debit 2. 3