In January 2016, Hammond Corporation was organized and authorized to issue 2,000,000 shares of non-par common stock and 50,000 shares of 5% percent, $50 par value, noncumulative preferred stock. The stock-related transactions for the first years operations were as follows:

Jan. 19 Sold 15,000 shares of the common stock for $31,500. State law

required a minimum of $1 stated value per share.

21 Issued 5,000 shares of common stock to attorneys and accountants for services valued at $11,000 and provided during the organization of the corporation.

Feb. 7 Issued 30,000 shares of common stock for a building that had an

Appraised value of $78,000.

Mar. 22 Purchased 10,000 shares of its common stock at $3 per share

July 15 Issued 5,000 shares of common stock to employees under a stock

Option plan that allows any employee to buy shares at the current

market price, which is now $3 per share.

Aug 1 Sold 2,500 shares of treasury stock for $4 per share

Sept. 1 Declared a cash dividend of $.15 per common share to be paid on

September 25 to stockholders of record on September 15.

15 Cash dividends date of record

25 Paid cash dividends to stockholders of record on September 15.

Oct 30 Issued 4,000 shares of common stock for a piece of land. The

Stock was selling $3 per share, and the land had a fair market

value of $12,000.

Dec. 15 Issued 2,200 shares of preferred stock for $50 per share.

Required:

a. Record the above transactions in journal form.

b. Post to the following T accounts in the ledger: Cash, Land, Building, Cash Dividends Payable, Preferred Stock Common Stock, Paid-in-Capital in Excess of Stated Value, Common, Cash Dividends Declared, and Start-up and Organization Expense

c. Prepare the stockholders equity section of Hammond Corporations balance sheet as of December 31, 2016. Net Income earned during the year was $100,000

d. Calculate book value per share after the transactions