Jennifer Johnston Corporation was organized on January 1, 2014. It is authorized to issue 20,000 shares of 6%, $ 50 par value preferred stock, and 500,000 shares of $ 1 par value Common Stock. The following stock transactions were completed during the first year.

1/10 Issued 100,000 shares of common stock for cash at $ 3 per share.

3/1 Issued 10,000 shares of preferred stock for cash at $ 51 per share.

4/1 Issued 25,000 shares of common stock for land. The asking price of the land was $ 90,000; fair market value of the land was $ 85,000.

5/1 Issued 75,000 shares of common stock for cash at $ 4 per share.

8/1 Issued 10,000 shares of common stock to attorneys in payment of their bill for

$ 50,000 pertaining to services rendered in helping the company organize.

9/1 Issued 5,000 shares of common stock for cash at $ 6 per share.

11/1 Issued 2,000 shares of preferred stock for cash at $ 53 per share.

12/31 Closed $ 15,000 of Net Income from the Income Summary account to Retained Earnings.

Partial Chart of Accounts
101	Cash
105	Land
201	Accounts Payable
300	Common Stock
305	Paid in Capital in Excess of Par Value, Common Stock
310	Preferred Stock
315	Paid in Capital in Excess of Par Value, Preferred Stock
320	Retained Earnings
	Income Summary

Use the format below to:

1.Journalize the transactions.

2.Post to the Stockholders Equity accounts.

3.Prepare the Stockholders Equity section of a Balance Sheet at December 31, 2014.

	Partial Balance Sheet
	December 31. 2014
Stockholder's Equity
Total Paid in Capital by preferred stockholders		$ -
Total Paid in Capital by common stockholders		-
Total Paid in Capital			-
Retained Earnings
Total Stockholders' Equity			$ -