Jan.

Mar.

Apr.

$10$

$1$

$1$

May

Aug.

$1$

$1$

Sept.

Nov.

$1$

$1$

Kingbird, Inc. was organized on January $1,2022.$ It is authorized to issue $12,500$ shares of $8\%,$ $$100$ par value preferred stock,

and $513,000$ shares of no$-$par common stock with a stated value of $$2$ per share. The following stock transactions were completed

during the first year.

Issued $78,000$ shares of common stock for cash at $$4$ per share.

Issued $5,750$ shares of preferred stock for cash at $$110$ per share.

Issued $23,000$ shares of common stock for land. The asking price of the land was $$94,000.$ The fair value of the land

was $$80,500.$

Issued $81,500$ shares of common stock for cash at $$4\mathrm{.}25$ per share.

Issued $10,500$ shares of common stock to attorneys in payment of their bill of $$42,000$ for services performed in

helping the company organize.

Issued $11,500$ shares of common stock for cash at $$6$ per share.

Issued $3,000$ shares of preferred stock for cash at $$108$ per share.Post to the stockholders' equity accounts. $($Post entries in the order of journal entries presented in the previous part.$)$

Preferred Stock

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