Exercise 15-1

During its first year of operations, Buffalo Corporation had the following transactions pertaining to its common stock.

Jan. 10		Issued 84,900 shares for cash at $6 per share.
Mar. 1		Issued 5,000 shares to attorneys in payment of a bill for $37,600 for services rendered in helping the company to incorporate.
July 1		Issued 33,100 shares for cash at $8 per share.
Sept. 1		Issued 63,200 shares for cash at $10 per share.

(a)		Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.
(b)		Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 per share.