Exercise 1.Try again.

Halpern Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2015, its first year of operation, the company has the following stock transactions.

Jan. 1Paid the state $5,000 for incorporation fees.

Jan.15Issued 500,000 shares of stock at $6 per share.

Jan.30Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $7,000.

July2Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share.

Sept.5Purchased 15,000 shares of common stock for the treasury at $8 per share.

Dec.6Sold 11,000 shares of the treasury stock at $11 per share.

Instructions

Indicate the accounts that are increased and/or decreased in the above transactions for Halpern Corporation.