Issuing stock

shares of $$15$ par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

If an amount box does not require an entry, leave it blank.

Feb. $5.$ Issued $140,000$ shares of common stock at par for cash.

Feb. $5.!$

Common Stock $$

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What is the company receiving and at what price is the stock being issued?

Feb. $5.$ Issued $350$ shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Feb. $5.$ Orqanizational Expenses $$

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Recall that stock may be issued for reasons other than to receive cash. What are these shares paying for?

Apr. $9.$ Issued $17,000$ shares of common stock in exchange for land, buildings, and equipment with fair market prices of $$46,000,$ $$253,000,$ and $$58,000,$ respectively.

Apr. $9.$

June $14.$ Issued $33,000$ shares of preferred stock at $$52$ for cash.

June $14.$ Cash $$

Preferred Stock $$

Paid$-$In Capital in Excess of Par$-$Preferred Stock $$