Instructions

Lodi Company is authorized to issue $100,000$ shares of no$-$par, $$6$ stated$-$value common stock and $10,000$ shares of $9\%,$$$100$ par preferred stock. It enters into the following transactions on December $31$:

Accepts a subscription contract to $7,000$ shares of common stock at $$42$ per share and receives a $30\%$ down payment.

Collects the remaining balance of the subscription contract and issues the common stock.

Acquires a building by paying $$3,000$ cash and issuing $3,000$ shares of common stock and $900$ shares of preferred stock. Common stock is currently selling at $$46$ per share; preferred stock has no current market value. The building is appraised at $$225,000.$

Sells $1,000$ shares of common stock at $$47$ per share.

Sells $900$ shares of preferred stock at $$112$ per share.

Declares a three$-$for$-$one stock split on the common stock, reducing the stated value to $$2\mathrm{.}00$ per share.

Required:

Instructions

This problem has eight journal entries.

PLS HELP!!