Issuing Shares of ownership of a corporation.Stock

Cashman Nursery, with an authorization of 19,000 shares of A class of stock with preferential rights over common stock.preferred stock and 390,000 shares of The stock outstanding when a corporation has issued only one class of stock.common stock, completed several transactions involving its stock on June 1, the first day of operations. The trial balance at the close of the day follows:

Cash 444,600 Land 114,000 Buildings 232,500 Preferred 2% Stock, $100 par 330,000 Paid-In Capital in Excess of Par-Preferred Stock 16,500 Common Stock, $40 par 312,000 Paid-In Capital in Excess of Par-Common Stock 132,600 791,100 791,100

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.

Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance.

For a compound transaction, if an amount box does not require an entry, leave it blank.

(1)

Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Paid-In Capital in Excess of Par-Preferred Stock Preferred Stock

Cash Common Stock Paid-In Capital in Excess of Par-Preferred Stock Preferred Stock Retained Earnings

Cash Paid-In Capital in Excess of Par-Common Stock Paid-In Capital in Excess of Par-Preferred Stock Preferred Stock Retained Earnings

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For a compound transaction, if an amount box does not require an entry, leave it blank.

(2)

Buildings Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Preferred Stock

Cash Common Stock Land Paid-In Capital in Excess of Par-Common Stock Preferred Stock

Buildings Cash Paid-In Capital in Excess of Par-Common Stock Preferred Stock Retained Earnings

Cash Common Stock Land Paid-In Capital in Excess of Par-Common Stock Paid-In Capital in Excess of Par-Preferred Stock