Instructions A corporation was organized on January 1 of the current year, with an authorization of 20,000 shares of 4%, $12 par preferred stock, and 100,000 shares of $3 par common stock. The following selected transactions were completed during the first year of operations: Jan. 3 Issued 15,000 shares of common stock at $23 per share for cash. 31 Issued 200 shares of common stock to an attorney in payment of legal fees for organizing the corporation. The value of the stock at the time of payment was $25 per share. Feb. 24 Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $65,000, $120,000, and $45,000 respectively. Mar. 15 Issued 2,000 shares of preferred stock at $56 for cash. Required: Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 510 Cost of Merchandise Sold 141 Merchandise Inventory 145 Supplies 515 Credit Card Expense 520 Salaries Expense 151 Prepaid Insurance 181 Land 531 Advertising Expense 532 Delivery Expense 191 Buildings 192 Accumulated Depreciation-Building 533 Rent Expense 193 Equipment 534 Insurance Expense 194 Accumulated Depreciation-Equipment 535 Supplies Expense 536 Organizational Expenses 561 Depreciation Expense-Building LIABILITIES 210 Accounts Payable 562 Depreciation Expense-Equipment 221 Notes Payable 590 Miscellaneous Expense 226 Interest Payable 710 Interest Expense 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital Excess of Par-Preferred Stock 321 Common Stock 322 Paid-In Capital in Excess of Par-Common Stock 323 Paid-In Capital in Excess of Stated Value-Common Stock 331 Treasury Stock 332 Paid-In Capital from Sale of Treasury Stock 336 Stock Dividends Distributable 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends Journalize for the each transaction. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14