help with journal entry for event 1

Event 1 - Equity issuance January 1st, 2021: John and Frank each invest $100,000 in the corporation. Each was issued 10,000 shares of common stock. In addition, 60,000 shares were issued to the public at $12.00 per share. 200,000 shares of $0.01 PAR value common stock are authorized. Low-Volume Inc. pays the underwriter $100,000 in fees for the IPO (payment via bank transfer on the same day). Example 1: Analysis of transactions is as follows: Notes: Bonds payable consists of a single 10 year bond with the face amount of $600,000 at 10% interest dated March 31 2018 . Building consists of a single Headquarters building built exactly 5 years ago at the cost of $300,000. Assume straight-line depreciation with no residual value. The building is expected to have a total useful life of 30 years. Machinery consists of a single machine bought last year for $330,000. Assume straight-line depreciation with no residual value. The machine is expected to have a total useful life of 10 years. The patent account consists of a single patent that was filed on Dec 31" 2020. The patent is expected to have a useful life of 10 years before becoming obsolete