PLEASE SHOW WORK ON HOW YOU GOT THE NUMBERS FOR THE JOURNAL ENTRY

Chapter 11 Homework Handout Jones, Inc. was organized and authorized to issue 20,000 shares of $120 par value, 9 percent preferred stock and 100,000 shares of no-par, $6 stated value common stock on June 1, 2019. Stock related transactions for Jones are as follows: Issued 20,000 shares of common stock at $12 per share. The Company's attorney agreed to accept 1,000 shares of common stock in exchange for services rendered related to the organization of the company. The attorney would have charged $8,000. Issued 2,000 shares of preferred stock at par value for cash. Issued 5,000 shares of common stock for land on which the asking price was $90,000. Market value of the stock was $13 per share. Management wishes to record the land at the market value of the stock. June 1: June 1: June 2: June 10: July 2: The Company purchased 3,000 shares of its own common stock at $14 per share. July 10: Declared a cash dividend for one month on the preferred stock and a $0.02 per share on common stock, payable on July 22 to stockholders of record on July 12. July 12: Date of record for cash dividends July 22: Paid cash dividends. Instructions: Journalize the above transactions. Chapter 11 Homework Handout Jones, Inc. was organized and authorized to issue 20,000 shares of $120 par value, 9 percent preferred stock and 100,000 shares of no-par, $6 stated value common stock on June 1, 2019. Stock related transactions for Jones are as follows: Issued 20,000 shares of common stock at $12 per share. The Company's attorney agreed to accept 1,000 shares of common stock in exchange for services rendered related to the organization of the company. The attorney would have charged $8,000. Issued 2,000 shares of preferred stock at par value for cash. Issued 5,000 shares of common stock for land on which the asking price was $90,000. Market value of the stock was $13 per share. Management wishes to record the land at the market value of the stock. June 1: June 1: June 2: June 10: July 2: The Company purchased 3,000 shares of its own common stock at $14 per share. July 10: Declared a cash dividend for one month on the preferred stock and a $0.02 per share on common stock, payable on July 22 to stockholders of record on July 12. July 12: Date of record for cash dividends July 22: Paid cash dividends. Instructions: Journalize the above transactions