Issuing Stock

Willow Creek Nursery, with an authorization of 16,000 shares of preferred stock and 370,000 shares of 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	433,200
Land	130,000
Buildings	265,200
Preferred 2% Stock, $100 par			380,000
Paid-In Capital in Excess of Par-Preferred Stock			15,200
Common Stock, $40 par			304,000
Paid-In Capital in Excess of Par-Common Stock			129,200
	828,400		828,400

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.

Question Content Area

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)	CashCommon StockPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockPreferred Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained Earnings	- Select -	- Select -
	CashPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained Earnings	- Select -	- Select -

Question Content Area

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

(2)	BuildingsCashCommon StockPaid-In Capital in Excess of Par-Common StockPreferred Stock	- Select -	- Select -
	CashCommon StockLandPaid-In Capital in Excess of Par-Common StockPreferred Stock	- Select -	- Select -
	BuildingsCashPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings	- Select -	- Select -
	CashCommon StockLandPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred Stock	- Select -	- Select -