Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $70,000 cash and a building valued at $250,000 from the five investors who organized Jame son Corporation. Each investor received 100 shares of $10 par value common stock.

Prepare journal entries for transactions (a). Be sure to use good referencing and categorize each account as an asset (A), liability (L), or stockholders equity (SE) item. If a transaction does not require a journal entry, explain the reason.